TORONTO, ONTARIO--(Marketwired - March 12, 2014) - US Financial 15 Split Corp. (the "Company") announced today that the Toronto Stock Exchange (the "TSX") has accepted its notice of intention to make a Normal Course Issuer Bid (the "NCIB") to purchase its Preferred Shares and Class A Shares through the facilities of the TSX. The NCIB will commence on March 14, 2014 and terminate on March 13, 2015.
Pursuant to the NCIB, the Company proposes to purchase, from time to time, if it is considered advisable, up to 434,781 Preferred Shares and 434,781 Class A Shares of the Company, representing approximately 10% of the public float of 4,347,816 Class A Shares. As of March 6, 2014, there were 4,438,725 Preferred Shares and 4,438,725 Class A Shares issued and outstanding. The Company will not purchase, in any given 30-day period, in the aggregate, more than 88,774 Preferred Shares or more than 88,774 Class A Shares, being 2% of the issued and outstanding Preferred Shares and Class A Shares as of March 6, 2014. Under a normal course issuer bid that commenced on February 12, 2013 and terminated on February 11, 2014, the Company did not repurchase any securities.
The Board of Directors of the Company, on the advice of Quadravest Capital Management Inc., the Company's investment manager, believes that such purchases are in the best interests of the Company and are a desirable use of its funds. All purchases will be made through the facilities and in accordance with the rules and policies of the TSX. All Preferred Shares or Class A Shares purchased by the Company pursuant to the NCIB will be cancelled.
US Financial 15 Split Corp. is an investment fund managed and advised by Quadravest Capital Management Inc. The Preferred Shares and Class A Shares of the Company are listed in the Toronto Stock Exchange under the symbols FTU.PR.B and FTU respectively.
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.