19:19:07 EST Tue 29 Nov 2022
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or Name

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North American Financial 15 Split Corp (2)
Symbol FFN
Shares Issued 52,336,163
Close 2022-05-24 C$ 5.82
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N.A. Financial 15 to buy back up to 10% of shares

2022-05-25 16:13 ET - News Release

An anonymous director reports


The Toronto Stock Exchange has accepted its notice of intention to make a normal course issuer bid to purchase North American Financial 15 Split Corp.'s preferred shares and Class A shares through the facilities of the TSX and/or alternative Canadian trading systems. The NCIB will commence on May 27, 2022, and terminate on May 26, 2023.

Pursuant to the NCIB, the company proposes to purchase, from time to time, if it is considered advisable, up to 5,148,056 preferred shares and 5,237,647 Class A shares of the company, representing 10 per cent of the public float of 51,480,563 preferred shares and 52,376,473 Class A shares. As of May 13, 2022, there were 51,480,063 preferred shares and 52,448,663 Class A shares issued and outstanding. The company will not purchase, in any given 30-day period, in the aggregate, more than 1,029,621 preferred shares or more than 1,048,973 Class A shares, being 2 per cent of the issued and outstanding preferred shares and Class A shares as of May 13, 2022. Under the previous normal course issuer bid that commenced on May 27, 2021, and will terminate on May 26, 2022, no purchases of preferred shares or Class A shares were made.

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 noted in this news release 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.

The company invests in a high-quality portfolio consisting of 15 financial services companies made up of Canadian and United States issuers as follows: Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corp., Sun Life Financial, Great-West Lifeco, CI Financial Corp., Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.

We seek Safe Harbor.

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