Dividend 15 Split Corp.
TSX : DFN
TSX : DFN.PR.A

Dividend 15 Split Corp.

January 19, 2006 17:01 ET

Dividend 15 Split Corp.: Additional Offering Over-Allotment Fully Exercised

TORONTO, ONTARIO--(CCNMatthews - Jan. 19, 2006) - Dividend 15 Split Corp. ("the Company") has issued an additional 75,000 Preferred Shares and 75,000 Class A Shares of the Company for aggregate gross proceeds of $2,175,000. These shares are pursuant to the over-allotment granted to the Company's agents in its recently completed additional public offering. This brings the company's net assets to $273.6 million. The additional shares have begun trading on the Toronto Stock Exchange under the existing symbols DFN (Class A shares) and DFN.PR.A (Preferred shares).

The Preferred Shares were offered at $10.75 and the Class A Shares at $18.25. CIBC World Markets Inc. and RBC Dominion Securities Inc. were co-lead agents for the offering. The other members of the syndicate were TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, Dundee Securities Corporation, Raymond James Ltd., Bieber Securities Inc., Blackmont Capital Inc., Laurentian Bank Securities Inc. and Wellington West Capital Inc.

The proceeds from the re-opening of the Company, net of expenses and the Agents' fee, will be used by the Company to invest in an actively managed portfolio of dividend-yielding common shares which includes each of the 15 Canadian companies listed below. These are currently among the highest dividend-yielding stocks in the S&P/TSX 60 Index:

Bank of Montreal National Bank of Canada Falconbridge

The Bank of Nova Scotia CI Financial Inc. TELUS Corporation

Canadian Imperial Bank
of Commerce BCE Inc. The Thomson Corporation

Royal Bank of Canada Manulife Financial TransAlta Corporation

The Toronto-Dominion
Bank Enbridge Inc. TransCanada Corporation

The fund's investment objectives are:

Preferred Shares:

i. to provide holders of the Preferred Shares with fixed, cumulative preferential monthly cash dividends in the amount of $0.04375 per Preferred Share to yield 5.25% per annum on the original issue price; and

ii. on or about December 1, 2009 (termination date), to pay the holders of the Preferred Shares the original issue price of those shares.

Class A Shares:

i. to provide holders of the Class A Shares with regular monthly cash dividends initially targeted to be $0.10 per Class A Share to yield 8.0% per annum on the original issue price; and

ii. on or about December 1, 2009 (termination date), to pay the holders of Class A Shares at least the original issue price of those shares.

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