World Financial Split Corp. Announces Automatic Term Extension
May 28 2018 - 4:01PM
(TSX:WFS) (TSX:WFS.PR.A) World Financial Split Corp. (the
“Company”) is pleased to announce that the board of directors has
approved an extension of the maturity date of the Class
A & Preferred Shares of the Company for an additional
seven year period beyond June 30, 2018 to June 30, 2025 as provided
for in its articles of incorporation.
The term extension allows holders of Class A
Shares to continue to receive ongoing leveraged exposure to a
high-quality portfolio consisting principally of common equity
securities selected from the ten largest (by market capitalization)
financial services companies in each of Canada, the United States
and the rest of the world. Holders of the Preferred Shares
are expected to continue to benefit from fixed cumulative
preferential quarterly distributions in the amount of $0.13125
($0.525 per annum) per Preferred Share representing a yield of
5.25% on the original issue price of $10.00. Since the
inception to April 30, 2018, the Preferred shareholders have
received cash distributions of $7.41 per share.
In connection with the extension of the term,
holders of Class A Shares & Preferred Shares have a
special retraction right (“Special Retraction Right”) on June 30,
2018. In order to exercise the Special Retraction Right, the
shares must be surrendered for retraction on or prior to 5:00 p.m.
(Toronto time) on June 15, 2018.
About Strathbridge Asset Management Inc.
Strathbridge Asset Management Inc., is an experienced issuer of
closed-end funds with 9 TSX-listed funds currently under
management. Strathbridge is one of Canada’s most experienced
option strategy managers, with over 20 years' experience. For
further information, please contact Investor Relations at
416.681.3966, toll free at 1.800.725.7172, email
info@strathbridge.com or visit www.strathbridge.com.
John Germain, Senior
Vice-President, CFO |
Strathbridge Asset Management Inc. 121 King Street
WestSuite 2600Toronto, Ontario, M5H 3T9416.681.3966;
1.800.725.7172www.strathbridge.cominfo@strathbridge.com |
Commissions, trailing commissions, management fees and expenses all
may be associated with investments in investment funds. Please read
the prospectus before investing. Investment funds are not
guaranteed, their values change frequently and past performance may
not be repeated. |
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