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TORONTO, June 07, 2018 (GLOBE NEWSWIRE) -- Global Dividend Growth Split Corp. (the “Company”) has determined the exchange ratios for the exchange option (the “Exchange Option”) with respect to its initial public offering. Under the Exchange Option, prospective purchasers could purchase Class A shares or Units (consisting of one Class A and one Preferred share) of the Company by an exchange of freely tradable equity securities (“Exchange Securities”) of the issuers listed below (the “Exchange Eligible Issuers”). The Exchange Option deadline was 5:00 p.m. on May 24, 2018.
The following table indicates the adjusted volume weighted average trading price (“Adjusted VWAP”) and exchange ratio for the Exchange Securities of each Exchange Eligible Issuer as calculated in the manner described in the Company’s prospectus dated May 23, 2018. The adjusted volume weighted average trading price and exchange ratios are rounded to four decimal places. Fractional Class A shares/Units will not be issued.
| Company Name (Exchange Ticker Symbol) | CUSIP | ISIN | Adjusted VWAP (C$ Equiv.) | Exchange Ratio Per Class A Share | Exchange Ratio Per Unit | |
| Global Equities | ||||||
| APPLE INCORPORATED (AAPL) | 37833100 | US0378331005 | $ | 249.4883 | 20.7734 | 11.3404 |
| BCE (BCE) | 05534B760 | CA05534B7604 | $ | 54.4520 | 4.5339 | 2.4751 |
| CARNIVAL CORPORATION (CCL) | 143658300 | PA1436583006 | $ | 79.9122 | 6.6538 | 3.6324 |
| CISCO SYSTEMS INCORPORATED (CSCO) | 17275R102 | US17275R1023 | $ | 56.6722 | 4.7188 | 2.5760 |
| ENBRIDGE (ENB) | 29250N105 | CA29250N1050 | $ | 40.3859 | 3.3627 | 1.8357 |
| HSBC HOLDINGS (HSBC) | 404280406 | US4042804066 | $ | 63.6714 | 5.3015 | 2.8942 |
| IBM CORPORATION (IBM) | 459200101 | US4592001014 | $ | 186.5488 | 15.5328 | 8.4795 |
| INTEL CORPORATION (INTC) | 458140100 | US4581401001 | $ | 73.4187 | 6.1131 | 3.3372 |
| JOHNSON & JOHNSON (JNJ) | 478160104 | US4781601046 | $ | 158.4643 | 13.1944 | 7.2029 |
| JP MORGAN CHASE & CO. (JPM) | 46625H100 | US46625H1005 | $ | 141.7487 | 11.8026 | 6.4431 |
| MANULIFE FINANCIAL (MFC) | 56501R106 | CA56501R1064 | $ | 24.6940 | 2.0561 | 1.1225 |
| NOVARTIS AG (NVS) | 66987V109 | US66987V1098 | $ | 97.7830 | 8.1418 | 4.4447 |
| PFIZER INCORPORATED (PFE) | 717081103 | US7170811035 | $ | 47.2153 | 3.9313 | 2.1462 |
| PROCTER & GAMBLE CO. (PG) | 742718109 | US7427181091 | $ | 96.5067 | 8.0355 | 4.3867 |
| SANOFI SA (SNY) | 80105N105 | US80105N1054 | $ | 50.0553 | 4.1678 | 2.2752 |
| SUN LIFE FINANCIAL INCORPORATED (SLF) | 866796105 | CA8667961053 | $ | 54.4145 | 4.5308 | 2.4734 |
| TELUS CORPORATION (T) | 87971M103 | CA87971M1032 | $ | 45.4713 | 3.7861 | 2.0669 |
| TEXAS INSTRUMENTS INCORPORATED (TXN) | 882508104 | US8825081040 | $ | 151.1907 | 12.5887 | 6.8723 |
| TORONTO-DOMINION BANK (TD) | 891160509 | CA8911605092 | $ | 75.2690 | 6.2672 | 3.4213 |
| Other | ||||||
| ALIMENTATION COUCHE-TARD INCORPORATED (ATD) | 01626P403 | CA01626P4033 | $ | 55.1488 | 4.5919 | 2.5068 |
| ARC RESOURCES LIMITED (ARX) | 00208D408 | CA00208D4084 | $ | 13.0453 | 1.0862 | 0.5930 |
| BARRICK GOLD CORPORATION (ABX) | 67901108 | CA0679011084 | $ | 16.8209 | 1.4006 | 0.7646 |
| BLACKBERRY LIMITED (BB) | 09228F103 | CA09228F1036 | $ | 15.6563 | 1.3036 | 0.7117 |
| CRESCENT POINT ENERGY CORPORATION (CPG) | 22576C101 | CA22576C1014 | $ | 10.0508 | 0.8369 | 0.4569 |
| EMERA INCORPORATED (EMA) | 290876101 | CA2908761018 | $ | 40.1965 | 3.3469 | 1.8271 |
| ENCANA CORPORATION (ECA) | 292505104 | CA2925051047 | $ | 15.9743 | 1.3301 | 0.7261 |
| FIRST QUANTUM MINERALS LIMITED (FM) | 335934105 | CA3359341052 | $ | 21.5054 | 1.7906 | 0.9775 |
| FRANCO-NEVADA CORPORATION (FNV) | 351858105 | CA3518581051 | $ | 91.7520 | 7.6396 | 4.1705 |
| INTER PIPELINE FUND (IPL) | 45833V109 | CA45833V1094 | $ | 24.4985 | 2.0398 | 1.1136 |
| KINROSS GOLD CORPORATION (K) | 496902404 | CA4969024047 | $ | 4.6261 | 0.3852 | 0.2103 |
| PEMBINA PIPELINE CORPORATION (PPL) | 706327103 | CA7063271034 | $ | 44.7449 | 3.7256 | 2.0339 |
| SHAW COMMUNICATIONS INCORPORATED (SJR.B) | 82028K200 | CA82028K2002 | $ | 26.5114 | 2.2074 | 1.2051 |
| TRANSCANADA CORPORATION (TRP) | 89353D107 | CA89353D1078 | $ | 53.9139 | 4.4891 | 2.4506 |
| VALEANT PHARMACEUTICALS INTERNATIONAL INCORPORATED (VRX) | 91911K102 | CA91911K1021 | $ | 30.8004 | 2.5646 | 1.4000 |
| Exchange-Traded Funds | ||||||
| ISHARES CORE S&P 500 INDEX ETF (XUS) | 46434R109 | CA46434R1091 | $ | 44.7166 | 3.7233 | 2.0326 |
| ISHARES CORE S&P/TSX CAPPED COMPOSITE INDEX ETF (XIC) | 46430J101 | CA46430J1012 | $ | 25.7062 | 2.1404 | 1.1685 |
| ISHARES MSCI EAFE INDEX ETF (XIN) | 46428L100 | CA46428L1004 | $ | 26.7373 | 2.2263 | 1.2153 |
| ISHARES MSCI EUROPE IMI INDEX ETF (XEU) | 46434W108 | CA46434W1086 | $ | 24.9395 | 2.0766 | 1.1336 |
| ISHARES MSCI WORLD INDEX ETF (XWD) | 46430Y108 | CA46430Y1088 | $ | 50.5080 | 4.2055 | 2.2958 |
| ISHARES S&P/TSX 60 INDEX ETF (XIU) | 46428D108 | CA46428D1087 | $ | 23.9088 | 1.9907 | 1.0868 |
| VANGUARD S&P 500 INDEX ETF (VFV) | 92205Y105 | CA92205Y1051 | $ | 63.4257 | 5.2811 | 2.8830 |
The Toronto Stock Exchange has conditionally approved the listing of the Class A and Preferred shares, subject to the Company fulfilling all customary requirements. Trading under the symbols GDV and GDV.PR.A is expected to commence on the closing date, June 15, 2018.
The Company will invest in a diversified portfolio (the “Portfolio”) of equity securities of large capitalization global dividend growth companies selected by the Manager. In order to qualify for inclusion in the Portfolio, at the time of investment and at the time of each periodic reconstitution and/or rebalancing of the Portfolio, each global dividend growth company included in the Portfolio must (i) have a market capitalization of at least US$10 billion; and (ii) have a history of dividend growth or, in the Manager’s view, have high potential for future dividend growth.
The Manager expects that at least 20 global dividend growth companies will comprise the Portfolio. The indicative portfolio includes: Airbus SE, Apple Inc., AstraZeneca plc, BCE Inc., Carnival Corporation, Cisco Systems Inc., Deutsche Post AG, Enbridge Inc., HSBC Holdings plc, Intel Corporation, IBM Corporation, Johnson & Johnson, JP Morgan Chase & Co., Manulife Financial Corporation, Novartis AG, Pfizer Inc., Proctor & Gamble Co., Sanofi SA, Siemens AG, Sun Life Financial Inc., TELUS Corporation, Texas Instruments Inc., Toronto-Dominion Bank, UBS Group AG, and Vinci SA.
The investment objectives for the Class A shares are to provide their holders with regular monthly non-cumulative cash distributions and the opportunity for capital appreciation through exposure to the Portfolio. The monthly cash distribution is targeted to be $0.10 per Class A share representing a yield on the issue price of the Class A shares of 10.0% per annum.
The investment objectives for the Preferred shares are to provide their holders with fixed cumulative preferential quarterly cash distributions and to return the original issue price of $10.00 to holders on June 30, 2021, subject to extension for successive terms of up to five years as determined by the board of directors of the Company. The quarterly cash distribution will be $0.1250 per Preferred share ($0.50 per annum, or 5.0% per annum on the issue price of $10.00 per preferred share), until June 30, 2021. The Preferred shares have been provisionally rated Pfd-3 (high) by DBRS Limited.
The syndicate of agents for the offering is being led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc. and Scotiabank and includes BMO Capital Markets, TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., Raymond James Ltd., Echelon Wealth Partners., Industrial Alliance Securities Inc., Desjardins Securities Inc., and Mackie Research Capital Corporation.
About Brompton Funds Limited
Brompton Funds, a division of Brompton Group which was founded in 2000, is an experienced investment fund manager with approximately $2 billion in assets under management. Brompton’s investment solutions include TSX-traded funds, mutual funds and flow-through limited partnerships. For further information, please contact your investment advisor, call Brompton’s investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email info@bromptongroup.com or visit our website at www.bromptongroup.com.For further information, please contact your investment advisor, call Brompton’s investor relations line at 416-642-6000, (toll-free at 1-866-642-6001), e-mail info@bromptongroup.com or visit our website at www.bromptongroup.com .
Capitalized terms used but not defined herein have the meaning given to them in the prospectus of the Company dated May 23, 2018.
This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from any of the above-mentioned agents. Investors should read the prospectus before making an investment decision.
There are ongoing fees and expenses associated with owning shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the Company. You can find more detailed information about the Company in the public filings available at www.sedar.com. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this news release and to other matters identified in public filings relating to the Company, to the future outlook of the Company and anticipated events or results and may include statements regarding the future financial performance of the Company. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.
