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M Split Corp. Class I Preferred Share Pro-Rata Redemption and Capital Share Consolidation

TORONTO, Nov. 22, 2019 (GLOBE NEWSWIRE) -- M Split Corp. (the “Company”) announces a pro-rata redemption of XMF.PR.B Class I Preferred Shares (“Class I Preferred Shares”) and a XMF.A Capital Share (“Capital Share”) consolidation in order to maintain an equal number of Capital Shares, Class I Preferred Shares and XMF.PR.C Class II Preferred Shares (“Class II Preferred Shares”) outstanding.

In connection with the termination date extension of the Company for a further five years to December 1, 2024, an additional retraction right was offered allowing existing shareholders to tender any or all classes of Shares and receive a retraction price based on the November 29, 2019 net asset value per unit, payable on or before December 16, 2019.  There were more Class II Preferred Shares retracted than Capital Shares and Class I Preferred Shares.  As a result, pursuant to the Company’s guidelines, the Company is required to redeem 867,100 Class I Preferred Shares.

The Class I Preferred Shares will be redeemed on a pro-rata basis, so that shareholders of record on the close of business on November 29, 2019 will have approximately 27.54% of their Class I Preferred Shares redeemed.  The redemption price of $5.00 per Class I Preferred Share will be paid on or before December 16, 2019.  Holders of Class I Preferred Shares that have been called for redemption will be entitled to receive the November dividend payable on December 10, 2019 for holders of record on November 29, 2019.

As a result of the reduction in Class I and Class II Preferred shares, Capital shareholders will have their Capital Shares consolidated at a ratio of 0.722920066 for each Capital Share outstanding. The consolidation will be a non-taxable event. The expected post-consolidation trade date for the Capital Shares will be announced at a later date.

The Company invests in common shares of Manulife Financial Corporation, the largest life insurer in Canada offering financial products and wealth management services.

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Company. The forward-looking statements are not historical facts but reflect the Company’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.  Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Investors should read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Please read the Company’s publicly filed documents which are available at www.sedar.com.

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www.m-split.com
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