TORONTO, Dec. 09, 2024 (GLOBE NEWSWIRE) — TDb Split Corp. (the “Company”) announces a Class A share consolidation.
The recent extension of the Company’s termination date included a retraction right for Class A shareholders and Preferred shareholders, which resulted in more Preferred shares being tendered than Class A shares. To restore balance in the number of shares outstanding for each class of shares, Class A shareholders will receive 0.50 Class A shares for each Class A share they hold.
The total intrinsic value of Class A shares will remain the same, but the net asset value per share will increase proportionally following the consolidation. This adjustment will also result in a higher asset coverage ratio for Preferred shares.
The Class A shares are expected to commence trading on a post consolidation basis at the opening of trading on December 12, 2024. No fractional Class A shares will be issued, and the number of Class A shares each holder will receive will be rounded down to the nearest whole number. 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 13, 2024.
The Company invests in common shares of Toronto-Dominion Bank, a leading Canadian Financial institution.
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.sedarplus.com.
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