Copernican International Financial Split Corp.
TSX : CIR
TSX : CIR.PR.A

March 19, 2008 15:25 ET

Copernican International Financial Split Corp.-March 2008

BURLINGTON, ONTARIO--(Marketwire - March 19, 2008) - Copernican International Financial Split Corp. (TSX:CIR)(TSX:CIR.PR.A) (the "Corporation") today announced that a quarterly cash distribution in the amount of $0.12500 per Preferred share ("Preferred Share") of the Corporation will be paid on April 10, 2008 to Preferred shareholders of record as of March 31, 2008.

A shareholder that has continually held shares since inception will have received a total of $0.52 per Preferred Share as of payment date.

The Corporation also announced that in accordance with its articles of incorporation, it will continue to suspend payment of quarterly distributions 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 banks, life insurance and investment management financial service companies based outside North America 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. Due to the decline in the Net Asset Value of the Corporation, no distribution will be paid to Class A Shareholders of record as of March 31, 2008. A re-evaluation will be conducted next quarter to determine whether the distribution can be reinstated for Class A Shareholders of record as of June 30, 2008.

Contact Information

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