TORONTO, March 07, 2018 (GLOBE NEWSWIRE) -- Dividend Select 15 Corp. (the “Company”) is pleased to announce it has completed the overnight marketing of up to 914,000 Equity Shares of the Company. Total proceeds of the offering are expected to be approximately $7.8 million.
The offering was co-led by National Bank Financial Inc., CIBC World Markets Inc., Scotia Capital Inc. and RBC Capital Markets, and also included TD Securities Inc., BMO Capital Markets, Canaccord Genuity Corp., Industrial Alliance Securities Inc., Echelon Wealth Partners, GMP Securities L.P., Raymond James Ltd., Desjardins Securities Inc., Mackie Research Capital Corporation, and Manulife Securities Incorporated.
The sales period of the overnight offering has now ended.
The offering is expected to close on or about March 21, 2018 and is subject to certain closing conditions including approval by the TSX.
The Equity Shares were offered at a price of $8.55 per Share to yield 10%. The closing price on the TSX of the Equity Shares on March 6, 2018 was $8.68.
The net proceeds of the secondary offering will be used by the Company to invest in an actively managed portfolio of 15 Canadian companies selected from the following 20 company universe which are among the highest Canadian dividend yielding stocks.
| Bank of Montreal | Great-West Lifeco Inc. | TELUS Corporation |
| BCE Inc. | Husky Energy Inc. | The Bank of Nova Scotia |
| CIBC | National Bank of Canada | The Toronto-Dominion Bank |
| CI Financial Corp. | Power Corporation of Canada | Thomson Reuters Corporation |
| Enbridge Inc. | Royal Bank of Canada | TMX Group Inc. |
| EnCana Corporation | Loblaw Companies Limited | TransAlta Corporation |
| Sun Life Financial Inc. | TransCanada Corporation |
The Company’s investment objectives are:
To provide Equity Shares of the Company with (i) monthly cash distributions currently at a 10% annualized rate based on the volume weighted average market price of the Equity Shares over the last three trading days of the preceding month, plus (ii) the opportunity for capital appreciation.
The Company will today file an amended and restated preliminary short form prospectus, containing important information relating to the Equity Shares, with securities commissions or similar authorities in all provinces of Canada. The amended and restated preliminary short form prospectus is still subject to completion or amendment. Copies of the amended and restated preliminary short form prospectus may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the underwriters listed above. Investors should read the prospectus before making an investment decision. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.
For further information, please contact Investor Relations at:
1-877-478-2372 Local: 416-304-4443 www.dividendselect15.com info@quadravest.com