US Financial 15 Split Corp. Class A Share Rebalancing

CBJ Newsmakers

TORONTO, Dec. 13, 2018 (GLOBE NEWSWIRE) — US Financial 15 Split Corp. (“the Company”) announces a Class A share consolidation for all Class A shareholders of record on December 18, 2018.

In connection with the extension of the termination date of the Company, a special retraction right was offered allowing existing shareholders to tender one or both classes of shares and receive a retraction price based on the November 30, 2018 net asset value per unit. In aggregate, more Preferred shares were tendered for retraction than Class A shares. The purpose of the share consolidation is to maintain the requirement that an equal number of Class A shares and Preferred shares remain outstanding.

Immediately after the special retraction payment on December 17, 2018, there will be 1,901,817 Preferred shares and 2,804,666 Class A shares outstanding. In order to restore an equal amount of shares outstanding for each class, Class A shareholders on record as at December 18, 2018 will receive approximately 0.678090368 Class A shares for each Class A share outstanding. The consolidation is a non-taxable event.

The impact of the Class A share consolidation will be reflected in the next reported net asset value per unit as at December 31, 2018. Net assets of the Company after the retraction payments will be approximately $14.7 million.

The Class A shares provide for a leveraged return on the portfolio of investments and are entitled to all assets greater than a $10 net asset value.

The Company’s Preferred shares will begin receiving an increased dividend rate of 10% annually based on the Company’s net asset value to a maximum of $0.08333 per Preferred Share per month, effective December 1, 2019.

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