TORONTO, Dec. 13, 2019 (GLOBE NEWSWIRE) — North American Financial 15 Split Corp. (the “Company”) announces a Class A share consolidation. 
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 29, 2019 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 or before December 16, 2019, there will be 16,552,263 Preferred shares and 18,761,656 Class A shares outstanding.  In order to restore an equal amount of shares outstanding for each Class, Class A shareholders will receive approximately 0.882238913 Class A shares for each Class A share. In addition the monthly Class A share dividend will be increased from a targeted 10 cents per share ($1.20 per annum) to 11.335 cents per share ($1.3602 per annum) in order to maintain the same pre consolidation dividend rate.In the event that the share consolidation would otherwise result in the issuance of fractional shares, no fractional Class A shares will be issued and the number of Class A shares each holder shall receive will be rounded down to the nearest whole number. The consolidation is a non-taxable event.It is expected that the Class A shares will trade on a post-consolidation basis at the opening of trading on, December 30, 2019.The aggregate intrinsic value of the Class A shareholders’ holdings will remain the same and as a result the net asset value per Class A share will increase on a proportionate basis for each post-consolidation share on the consolidation date.  As at the consolidation date, the resultant increase in the net asset value per Class A share will have the impact of increasing the asset coverage ratio for the Preferred shares.The impact of the Class A share consolidation will be reflected in the next reported net asset value per unit as at December 31, 2019. The Company invests in a high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers as follows:  Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, Toronto-Dominion Bank, National Bank of Canada, Manulife Financial Corporation, Sun Life Financial, Great-West Lifeco, CI Financial Corp, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.  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.Investor Relations:  1-877-478-2372
Local:  416-304-4443
www.financial15.com 
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