Quadravest has announced:
Dividend 15 Split Corp. (the “Company”) is pleased to announce an increase in the Preferred Share dividend rate to 7.00% from 5.50% on the $10.00 repayment value for the new five-year term effective December 1, 2024. The Preferred Share monthly dividends will be $0.05833 per share or $0.70 per annum and the new distribution rate represents an increase of $0.15 per annum from the previous rate. Preferred shareholders have received a total of $10.86 per share in distributions since inception. The dividend policy for the Class A Shares will remain at the current targeted rate of $0.10 per month, or $1.20 per annum.
As previously announced on March 12, 2024 the Company will extend the termination date a further five year period from December 1, 2024 to December 1, 2029. In relation to the term extension and the Preferred Share rate increase, the Company has an additional retraction right for those shareholders not wishing to continue holding their investment, allowing existing shareholders to tender one or both classes of shares and receive a retraction price based on the November 29, 2024 net asset value per unit. Alternatively, shareholders may sell their shares for the market price at any time, potentially at a higher price than would be achieved through retraction, or shareholders may take no action and continue to hold their shares.
The Company invests in a high quality portfolio of leading Canadian dividend-yielding stocks as follows: Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, TorontoDominion Bank, National Bank of Canada, CI Financial Corp., BCE Inc., Manulife Financial, Enbridge, Sun Life Financial, TELUS Corporation, Thomson Reuters Corporation, TransAlta Corporation, TC Energy Corporation.
Notice of extension of this issue was provided last May.
Thanks to Assiduous Reader niagara for bringing this to my attention!
This entry was posted on Wednesday, September 18th, 2024 at 9:53 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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DFN.PR.A To Reset To 7.00% On Extension
Quadravest has announced:
Notice of extension of this issue was provided last May.
Thanks to Assiduous Reader niagara for bringing this to my attention!
This entry was posted on Wednesday, September 18th, 2024 at 9:53 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.