US Financial 15 Split Corp.
TSX : FTU
TSX : FTU.PR.A

US Financial 15 Split Corp.

June 19, 2012 16:20 ET

CORRECTION FROM SOURCE-US Financial 15 Split Corp.: Class A Share Rebalancing

TORONTO, ONTARIO--(Marketwire - June 19, 2012) - This document corrects and replaces the press release sent on June 19 at 2:12 PM ET. The number of Preferred shares was incorrectly given as 2,707,399. The number of Preferred shares is correctly 2,207,399. The complete and corrected release follows.

US Financial 15 Split Corp. (the "Company") announces a Class A share consolidation for all Class A shareholders of record on June 25, 2012 (the "Consolidation") that will decrease the number of Class A shares held by each Class A shareholder. The purpose of the share Consolidation is to maintain an equal number of Class A shares and Preferred shares outstanding. The intrinsic value of each investor's holdings in Class A shares will remain the same after the Consolidation.

As a result of the successful vote to reorganize the Preferred shares of the Company at the recent Special Meeting of Shareholders held on April 16, 2012, both Class A shareholders and Preferred shareholders were given a special retraction right. This special retraction right allowed both classes of shareholders to tender one or both classes of shares. In aggregate, there were more Preferred shares tendered for retraction than Class A shares. Since the Company is required to maintain an equal number of shares outstanding for each class as per the prospectus, the Company must decrease the Class A shares to match the number of Preferred shares.

Immediately after payments for the May and June monthly retraction and the special retraction right on June 19, 2012, there will be 2,207,399 Preferred shares and 3,080,059 Class A shares outstanding. In order to restore an equal amount of shares outstanding for each class, Class A shareholders of record as at June 25, 2012 will receive approximately 0.71667425851 Class A shares for each Class A share outstanding. The decrease in shares (Consolidation) is a non taxable event.

The impact of the Class A share Consolidation will be reflected in the next reported net asset value per unit as at the June 22, 2012 Consolidation date. Net assets of the Company after the retraction payments will be approximately $9.2 million.

Contact Information

  • US Financial 15 Split Corp.
    Investor Relations
    416-304-4443 or toll free at 1-877-4-Quadra (1-877-478-2372)
    www.financial15.com