Copernican International Financial Split Corp.

December 18, 2007 17:19 ET

Copernican International Financial Split Corp.-December 2007

BURLINGTON, ONTARIO--(Marketwire - Dec. 18, 2007) - Copernican International Financial Split Corp. (TSX:CIR)(TSX:CIR.PR.A) (the "Corporation") today announced that a full quarterly cash distribution in the amount of $0.12500 per Preferred share ("Preferred Share") of the Corporation will be paid on January 11, 2008 to Preferred shareholders of record as of December 31, 2007.

A shareholder that has continually held shares since inception will have received a total of $0.39 per Preferred Share as of payment date.

The Corporation also announced that in order to eliminate tax on net capital gains realized by the Corporation during 2007 it will declare a special distribution of approximately $0.20 per Class A share to shareholders of record as of January 15, 2008, payable on January 25, 2008.

The Corporation also announced that in accordance with its articles of incorporation, it will suspend payment of the regular quarterly distribution on its Class A Shares in order to protect the Corporation's Net Asset Value and to preserve its ability to rebuild and meet its investment objectives in the long term. The Corporation's portfolio of securities comprised primarily of the world's leading retail bank, life insurance and investment management financial service companies based outside North America has experienced a sharp decline resulting in a reduction in the Corporation's net asset value. As stated in the articles of incorporation of the Corporation, Copernican Capital Corp. (the "Manager") may suspend distributions on the Class A Shares if the Net Asset Value per Class A Share would be less than $16.50 after the payment of such distributions, other than any distributions required so that the Corporation will not be liable for income tax under the Income Tax Act. We will re-evaluate the payment of the regular distribution in the next quarter.

Contact Information

  • Copernican Capital Corp.
    Client Service Department
    (905) 319-4922