US Financial 15 Split Corp. 2014 Warrants Expire on June 2, 2014
22 Maggio 2014 - 3:00PM
Marketwired
US Financial 15 Split Corp. 2014 Warrants Expire on June 2, 2014
TORONTO, ONTARIO--(Marketwired - May 22, 2014) - US Financial 15
Split Corp. (the "Company") would like to provide an update on the
Company's outstanding warrants. The warrants can be exercised up
until the expiry date of June 2, 2014 at 5:00 p.m. (Toronto time).
One warrant entitles a holder to purchase a Unit consisting of one
Preferred share (FTU.PR.B) and one Class A share (FTU) for an
exercise price of $5.40. The combined trading price of a Unit,
which includes one Preferred share and one Class A share was $6.06
as at May 15, 2014. The most recent net asset value per unit was
$6.34, fully diluted $6.10 as of May 15, 2014. The subscription
price for the warrant represents a discount of 10.9% to the trading
price as of May 15, 2014 and a discount of 11.5% to the fully
diluted net asset value as of May 15, 2014 and therefore it may be
beneficial for shareholders to exercise their warrants. Any
warrants not exercised by June 2, 2014 will expire worthless.
Warrant holders
should contact their advisors for more information on how to
exercise their warrants in advance of the expiry date.
Since inception
Class A shareholders have received a total of $3.70 per share in
distributions and Preferred shareholders have received a total of
$3.84 per share in distributions, for a combined total of
$7.54.
The Company invests
in a portfolio consisting of 15 U.S. financial services companies
as follows: American Express, Bank of America, Bank of New York
Mellon Corp., Citigroup, CME Group Inc., Fifth Third Bancorp, The
Goldman Sachs Group, J.P. Morgan Chase & Co., Morgan Stanley,
PNC Financial Services group Inc., Regions Financial Corp., State
Street Corp., SunTrust Banks, U.S. Bancorp, and Wells Fargo. Shares
held within the Portfolio are expected to range between 4-8% in
weight but may vary from time to time.
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.
US Financial 15 Split Corp.Investor Relations416-304-4443Toll
Free: 1-877-4-Quadra (1-877-478-2372)www.financial15.com
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