TORONTO, May 27, 2024 (GLOBE NEWSWIRE) -- North American Financial 15 Split Corp.
TORONTO, May 27, 2024 — North American Financial 15 Split Corp. announced today that the Toronto Stock Exchange has accepted its notice of intention to make a Normal Course Issuer Bid to purchase its Preferred Shares and Class A Shares through the facilities of the TSX and/or alternative Canadian trading systems. The NCIB will commence on May 29, 2024 and terminate on May 28, 2025.
Pursuant to the NCIB, the Company proposes to purchase, from time to time, if it is considered advisable, up to 5,327,599 Preferred Shares and 5,256,760 Class A Shares of the Company, representing 10% of the public float of 53,275,992 Preferred Shares and 52,567,602 Class A Shares. As of May 15, 2024, there were 53,276,492 Preferred Shares and 52,639,792 Class A Shares issued and outstanding.
The Board of Directors of the Company, on the advice of Quadravest Capital Management Inc., the Company’s investment manager, believes that such purchases are in the best interests of the Company and are a desirable use of its funds. All purchases will be made through the facilities and in accordance with the rules and policies of the TSX. All Preferred Shares or Class A Shares purchased by the Company pursuant to the NCIB will be cancelled.
The Company invests in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial, Great-West Lifeco, CI Financial Corp, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Company. The forward-looking statements are not historical facts but reflect the Company’s current expectations regarding future results or events.
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