Harvest Portfolios Group Inc. Extends Big Pharma Split Corp. Maturity Date; Announces Appointment to Board of Directors
24 Oktober 2022 - 1:30PM
Business Wire
Harvest Portfolios Group Inc. (“Harvest”) is pleased to announce
that Big Pharma Split Corp. (the “Company”) (TSX:PRM)
(TSX:PRM.PR.A) will extend the maturity date of the Class A Shares
and Preferred Shares of the Company (together, the “Shares”) from
December 31, 2022 to December 31, 2027.
In connection with the extension, the Company may amend the rate
of cumulative preferential quarterly cash distributions to be paid
to the Preferred Shares and the distribution policy for the Class A
Shares for the five-year renewal period, commencing January 1,
2023. Based on current market rates for preferred shares with
similar terms, the fixed cumulative quarterly cash distributions
will remain at $0.125 per Preferred Share ($0.50 per annum). The
distribution policy for the Class A Shares is to pay monthly
non-cumulative distributions to the holders of Class A Shares in
the amount of $0.1031 per Class A Share and will remain the same,
but the Company may pay a higher monthly distribution if, after
payment of the distribution, the NAV per Unit would not be less
than $23.50.
Holders of Preferred Shares have received a total of $2.4266 in
distributions per Preferred Share since inception and holders of
Class A Shares have received a total of $6.6958 in distributions
per Class A Share since inception.
In relation to the maturity date extension, the Company has a
non-concurrent retraction right for those shareholders not wishing
to continue holding their investment, allowing existing
shareholders to tender one or both classes of Shares and receive a
retraction price based on the December 31, 2022 net asset value per
unit. Shares must be surrendered for retraction by 5:00 p.m. on
November 30, 2022. Alternatively, shareholders may sell their
Shares for the market price at any time, or shareholders may take
no action and continue to hold their Shares.
In addition, Harvest is pleased to announce that Mary Medeiros
was appointed to the Board of Directors of the Company (the
“Board”) effective September 27, 2022. Ms. Medeiros replaces
Townsend Haines who retired from the Board on the same date.
Harvest is the manager and the portfolio manager of the
Company.
For additional information: Please visit
www.harvestportfolios.com, e-mail info@harvestportfolios.com or
call toll free 1-866-998-8298.
About Harvest Portfolios Group Inc.
Founded in 2009, Harvest is an independent Canadian Investment
Fund Manager managing $2.6 billion in assets for Canadian
Investors. At Harvest ETFs, our guiding principles are premised on
building wealth for our clients through ownership of strong
businesses that have the potential to grow & generate steady
income over time. Harvest ETFs offers an innovative suite of
exchange traded funds, mutual funds and publicly-listed structured
fund products designed to satisfy the long-term growth and income
needs of investors. We pride ourselves in creating trusted
investment solutions that meet the expectations of our
investors.
You will usually pay brokerage fees to your dealer if you
purchase or sell shares of the investment fund on the TSX. If the
shares are purchased or sold on the TSX, investors may pay more
than the current net asset value when buying shares of the
investment fund and may receive less than the current net asset
value when selling them. There are ongoing fees and expenses
associated with owning shares of an investment fund. Investment
funds are not guaranteed, their values change frequently and past
performance may not be repeated. An investment fund must prepare
disclosure documents that contain key information about the
investment fund. You can find more detailed information about the
investment fund in these documents.
Forward-Looking Statements
Certain statements included in this press release constitute
forward-looking statements. Forward-looking statements include
statements that are predictive in nature, depend upon or refer to
future events or conditions, or include words or expressions such
as “believe”, “plan”, “expect”, “intend”, “target” or negative
versions thereof and other similar expressions or future or
conditional verbs such as “may”, “will”, “should”, “would” and
“could” and similar expressions to the extent they relate to the
Company or Harvest including information regarding the distribution
targets on the Company’s shares. The forward-looking statements are
not historical facts but reflect the expectations of the Company or
Harvest regarding future results or events as at the date of this
press release. Such forward-looking statements reflect the
Company’s or Harvest’s current beliefs and are based on information
currently available to them. Forward-looking statements involve
significant risks and uncertainties. A number of factors could
cause actual results or events to differ materially from current
expectations. Some of these risks, uncertainties and other factors
are described in the Current AIF under “Risk Factors”. Although the
forward-looking statements contained in this Prospectus are based
upon assumptions that the Company and Harvest believe to be
reasonable, neither the Company nor Harvest can assure investors
that actual results will be consistent with these forward-looking
statements. The forward-looking statements contained herein were
prepared for the purpose of providing investors with information
about the Company and may not be appropriate for other purposes.
Neither the Company nor Harvest assumes any obligation to update or
revise them to reflect new events or circumstances, except as
required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221024005246/en/
www.harvestportfolios.com info@harvestportfolios.com
1-866-998-8298
Perimeter Solutions (NYSE:PRM)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
Perimeter Solutions (NYSE:PRM)
Historical Stock Chart
Von Apr 2023 bis Apr 2024