Commerce Split Corp.

Commerce Split Corp.

March 02, 2009 11:50 ET

Commerce Split Corp. Announces Normal Course Issuer Bid for Priority Equity Shares and Class A Shares

TORONTO, ONTARIO--(Marketwire - March 2, 2009) - Commerce Split Corp. (the "Fund") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Fund's Notice of Intention to commence a Normal Course Issuer Bid (the "NCIB") for its Priority Equity Shares and Class A Shares (the "Shares").

Pursuant to the NCIB, the Fund proposes to purchase, from time to time, if it is considered advisable, up to 824,147 Priority Equity Shares and 824,147 Class A Shares of the Fund, representing approximately 10% of the public float of the Shares. As of February 27, 2009, there are 8,352,775 Priority Equity Shares 8,352,775 Class A Shares issued and outstanding. The Fund will not purchase, in any given 30-day period, in the aggregate, more than 167,055 Priority Equity Shares or 167,055 Class A Shares, being approximately 2% of the issued and outstanding Shares as of the date hereof. The Board of Directors of the Fund, on the advice of Quadravest Capital Management Inc., the Fund's portfolio advisor, believes that such purchases are in the best interests of the Fund 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 Priority Equity Shares or Class A Shares purchased by the Fund pursuant to the NCIB will be cancelled. The NCIB will commence on March 4, 2009 and will expire on March 3, 2010.

Commerce Split Corp. is an investment fund managed by Quadravest Inc. and advised by Quadravest Capital Management Inc. The Class A Shares and the Priority Equity Shares of the Fund are listed in the Toronto Stock Exchange under the symbols XCM and XCM.PR.A, respectively.

Contact Information

  • Commerce Split Corp.
    Investor Relations
    (416) 304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372)