Commerce Split Corp.

Commerce Split Corp.

September 18, 2008 09:00 ET

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

TORONTO, ONTARIO--(Marketwire - Sept. 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 October 10, 2008 to shareholders on record as of September 30, 2008. There will not be a distribution paid to Commerce Split Class A Shares for September 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 September 15, 2008 was $11.02.

Since inception (February 16, 2007) Class A shareholders have received a total of $0.60 per share and Preferred shareholders have received a total of $0.85 per share inclusive of this distribution, for a combined total of $1.45 per share.

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 of the original $10.00 par value will be paid in full to holders of the Preferred shares on the termination date on December 1, 2014.

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: September 26, 2008

Record Date: September 30, 2008

Payable Date: October 10, 2008

Contact Information

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