Dividend Growth Split Corp. Announces Treasury Offering and Extension of Term
01 Oktober 2013 - 8:59PM
Marketwired
Dividend Growth Split Corp. (the "Company") (TSX:DGS)
(TSX:DGS.PR.A) is pleased to announce it has filed a preliminary
short form prospectus with respect to a treasury offering of class
A and preferred shares. The class A and preferred share offering
prices will be set at levels that ensure that existing unitholders
are not diluted.
Dividend Growth Split Corp. invests in a portfolio of common
shares of high quality, large capitalization companies, which have
among the highest dividend growth rates of those companies included
in the S&P/TSX Composite Index. Currently, the portfolio
consists of common shares of the following 20 companies:
Great-West Lifeco The Bank of Nova AGF Management Shaw
Inc. Scotia Limited Communications
Inc.
Industrial Alliance Canadian Imperial IGM Financial Inc. TELUS Corporation
Insurance and Bank of Commerce
Financial Services
Inc.
Manulife Financial National Bank of Power Corporation Canadian Utilities
Corporation Canada of Canada Limited
Sun Life Financial Royal Bank of Manitoba Telecom Enbridge Inc.
Inc. Canada Services Limited
Bank of Montreal The Toronto- Rogers TransCanada
Dominion Bank Communications Corporation
Inc.
The investment objectives for the class A shares are to provide
holders with regular monthly cash distributions targeted to be
$0.10 per class A share, and to provide the opportunity for growth
in net asset value per class A share.
The investment objectives for the preferred shares are to
provide holders with fixed cumulative preferential quarterly cash
distributions currently in the amount of $0.13125 per preferred
share, representing a yield on the original issue price of 5.25%
per annum, and to return the original issue price to holders of
preferred shares on the original November 30, 2014 maturity
date.
The Company is also pleased to announce that the board of
directors has approved an extension of the maturity date of the
class A and preferred shares of the Company for an additional 5
year term to November 28, 2019. The preferred share dividend rate
for the extended term will be announced at least 60 days prior to
the original November 30, 2014 maturity date. The new dividend rate
will be determined based on then-current market yields for
preferred shares with similar terms.
The syndicate of agents for the offering is being led by RBC
Capital Markets and CIBC and includes Scotiabank, TD Securities
Inc., BMO Capital Markets, National Bank Financial Inc., GMP
Securities L.P., Raymond James Ltd., Canaccord Genuity Corp.,
Desjardins Securities Inc., Dundee Securities Ltd., Mackie Research
Capital Corporation, and Macquarie Private Wealth Inc.
About Brompton Funds
Brompton Funds, a division of Brompton Group, is an experienced
investment fund manager operating since 2002. Brompton is focused
on meeting the needs of investors by offering low cost, innovative
products with client friendly terms and supported by strong
corporate governance. For further information, please contact your
investment advisor, call Brompton's investor relations line at
416-642-6000 / toll-free at 1-866-642-6001/ email
info@bromptongroup.com or visit our website at
www.bromptongroup.com.
Commissions, trailing commissions, management fees and expenses
all may be associated with investment funds. Please read the
Company's publicly filed documents which are available from SEDAR
at www.sedar.com. Investment funds are not guaranteed, their values
change frequently and past performance may not be repeated.
Certain statements contained in this news release constitute
forward-looking information within the meaning of Canadian
securities laws. Forward-looking information may relate to matters
disclosed in this news release and to other matters identified in
public filings relating to the Company, to the future outlook of
the Company and anticipated events or results and may include
statements regarding the future financial performance of the
Company. In some cases, forward-looking information can be
identified by terms such as "may", "will", "should", "expect",
"plan", "anticipate", "believe", "intend", "estimate", "predict",
"potential", "continue" or other similar expressions concerning
matters that are not historical facts. Actual results may vary from
such forward-looking information.
The securities offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration or any applicable
exemption from the registration requirements. This news release
does not constitute an offer to sell or the solicitation of an
offer to buy securities nor will there be any sale of such
securities in any state in which such offer, solicitation or sale
would be unlawful.
This offering is only made by prospectus. A preliminary
prospectus containing important detailed information about the
securities being offered has been filed and is still subject to
completion or amendment. Copies of the prospectus may be obtained
from any of the above-mentioned agents. Investors should read the
prospectus before making an investment decision. There will not be
any sale of the securities being offered until a receipt for the
final prospectus has been issued.
Contacts: Brompton Funds Investor Relations Line 416-642-6000 or
Toll Free: 1-866-642-6001info@bromptongroup.com
www.bromptongroup.com
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