November 20, 2013 09:00 ET

Income STREAMS III Provides Merger Details Update

TORONTO, ONTARIO--(Marketwired - Nov. 20, 2013) - Income STREAMS III ("IS STREAMS") provides updated details relating to the merger of IS STREAMS into Dividend 15 Split Corp ("Dividend 15") on or about December 1, 2013.

Under the merger timeline, all Capital Yield (TSX symbol STQ) and Equity Dividend (TSX symbol STQ.E) shares outstanding on December 1, 2013 will automatically be exchanged into an equal dollar amount of Dividend 15 units. One unit of Dividend 15 is comprised of one Class A share (TSX symbol DFN) and one Preferred share (TSX symbol DFN.PR.A). This process will occur automatically and no further action is required by STQ or STQ.E shareholders.

Based on the November 15, 2013 net asset value (NAV) exchange ratios (as adjusted for the DFN and DFN.PR.A November declared dividends) and the market value of a Dividend 15 unit (as at November 15, 2013) STQ shareholders would receive the equivalent of $26.17 in market value of Dividend 15 units for each STQ share exchanged. STQ.E shareholders would receive the equivalent of $8.06 in market value of Dividend 15 units for each STQ.E share exchanged. The actual exchange ratios used for the merger will be based on the November 28, 2013 NAVs of each of IS STREAMS and Dividend 15.

As at November 15, 2013, the IS STREAMS managed portfolio has been liquidated and assets consist entirely of cash and cash equivalents.

For full details on the merger, please review the Notice of Special Meeting of Shareholders and the Management Information Circular which is available on SEDAR and the Company's website at

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Company. The forward-looking statements are not historical facts but reflect the Company's current expectations regarding future results or events. These forward- looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Contact Information

  • Income STREAMS III
    Investor Relations
    416-304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372)