Commerce Split Corp.

Commerce Split Corp.

June 18, 2008 09:00 ET

Commerce Split Corp.: Regular Monthly Dividend Declaration for Preferred Share

TORONTO, ONTARIO--(Marketwire - June 18, 2008) - Commerce Split Corp. ("Commerce Split") declares its regular monthly distribution $0.04375 for each Priority Equity ("Preferred") share ($0.525 annually). Distributions are payable July 10, 2008 to shareholders on record as of June 30, 2008. There will not be a distribution paid to Commerce Split Class A Shares for June 30, 2008 as per the Prospectus which states no regular monthly dividends or other distributions will be paid on the Class A Shares in any month as long as the net asset value per unit is equal to or less than $12.50. The Net Asset Value as of June 13, 2008 was $11.58.

The Company's investment portfolio currently has approximately $10.73 in CIBC exposure per unit ($9.63 per unit in CIBC common shares and the equivalent of $1.10 per unit in exposure through long call options).

As detailed in the prospectus the company has adopted a strategy (the Preferred Portfolio Protection Plan) intended to provide that the Preferred Share Repayment amount will be paid in full to holders of the Preferred shares on the termination date on December 1, 2014.

The Company continues to maintain the required 125% coverage ratio required for the Preferred Portfolio Protection Plan as defined in the Prospectus.

Commerce Split invests in common shares of Canadian Imperial Bank of Commerce, a Canadian financial institution.

Distribution Details:

Preferred Share (XCM.PR.A) $0.04375

Ex-Dividend Date: June 26, 2008

Record Date: June 30, 2008

Payable Date: July 10, 2008

Contact Information

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