02:50:26 EDT Tue 19 Mar 2024
Enter Symbol
or Name
USA
CA



Financial 15 Split Corp (2)
Symbol FTN
Shares Issued 33,299,432
Close 2018-04-23 C$ 10.28
Market Cap C$ 342,318,161
Recent Sedar Documents

Financial 15 issues 2.03M Class A shares

2018-04-24 12:07 ET - News Release

An anonymous director reports

FINANCIAL 15 SPLIT CORP. COMPLETES EXCHANGE OFFER

Financial 15 Split Corp. has issued 2,035,942 Class A shares of the company and has completed the exchange offer announced on April 9, 2018. The Class A shares will trade on the Toronto Stock Exchange under the existing symbol of FTN.

The exchange was offered to holders of SCITI Trust units, whereby one Class A share of the company was issued in exchange for 1.17614 freely tradable listed units of SCITI Trust. The investment fund manager of SCITI Trust confirmed on March 21, 2018, that SCITI Trust would be terminating on its scheduled termination date of April 30, 2018. At that time, SCITI Trust will distribute to its unitholders, including the company, the net asset value of SCITI Trust in cash.

In conjunction with the exchange offer, the company will also issue 2,035,942 FTN.PR.A preferred shares of the company at a price of $9.90 per preferred share to yield 5.55 per cent. The preferred share offering was led by National Bank Financial Inc., CIBC Capital Markets and BMO Capital Markets. The sales period of the preferred share offering ended on April 20, 2018, and is expected to close on or about April 30, 2018. The offering is subject to certain closing conditions including approval by the Toronto Stock Exchange.

The total value of the exchange offer and preferred share offering is expected to be approximately $39.1-million, including 2,394,550 units of SCITI Trust.

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