YCM.PR.A Commerce Split Corp

Commerce Split Corp. (the "Company") today announced that the opening net asset
value per unit for the newly reorganized New Commerce Split Fund was
approximately $9.94 as of the close of business on March 25, 2010. There were
3,824,009 units outstanding for total net assets of approximately $38.0 million
as at March 25, 2010. The New Commerce Split Fund will now begin to initiate its
full investment plan and increase its investment in CIBC common shares and its
supplemental covered call writing program.


The following is a summary of some of the principal provisions of the Class I
Preferred Shares, Class II Preferred Shares, 2011 Warrants, 2012 Warrants and
Capital Shares of the New Commerce Split Fund:


Class I Preferred Shares

Each Class I Preferred Share (Symbol: YCM.PR.A) pays fixed cumulative
preferential monthly dividends to yield 7.50% per annum on the $5.00 notional
issue price and has a repayment objective on December 1, 2014 or such other date
as the Company may be terminated (the "Termination Date") of $5.00. The dividend
payable in respect of the month of March 2010 will be accrued and is expected to
be paid with the April 2010 dividend, payable May 10, 2010 to shareholders of
record on April 30, 2010.


Class II Preferred Shares

Each Class II Preferred Share (Symbol: YCM.PR.B) pays distributions to yield
7.50% per annum on the $5.00 notional issue price if and when the net asset
value per Unit exceeds $12.50 and has a repayment objective on the Termination
Date of $5.00. Each "Unit" consists of one Class I Preferred Share, one Class II
Preferred Share and one Capital Share. As the net asset value per Unit is
currently less than $12.50, no dividends will initially be paid on the Class II
Preferred Shares.


2011 Warrant

Each whole 2011 Warrant (Symbol: YCM.WT) can be exercised to purchase one Unit
for an exercise price of $10.00 per Unit at specified times until February 28,
2011.


2012 Warrant

Each 2012 Warrant (Symbol: YCM.WT.A) can be exercised to purchase one Unit for
an exercise price of $12.50 per Unit at specified times until February 28, 2012.


Capital Shares

Capital Shares (Symbol: YCM) will continue to participate in any net asset value
growth over $10.00 per Unit and dividends would be reinstated only if and when
the net asset value per Unit exceeds $15.00. The dividend rate on the Capital
Shares will be set by the Board of Directors of the Company at its discretion,
based on market conditions. No dividend payments will be made on the Capital
Shares unless all dividends on the Class I Preferred Shares and, if applicable,
Class II Preferred Shares have been declared and paid.


Additional information regarding the Reorganization is contained in the
Circular, available on SEDAR at www.sedar.com or on the Company's website.

Grafico Azioni Commerce Split (TSX:YCM.PR.A)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Commerce Split (TSX:YCM.PR.A)
Storico
Da Giu 2023 a Giu 2024