PrefBlog

Capstone Infrastructure Corporation has announced:

today the applicable dividend rates for its Cumulative 5-Year Rate Reset Preferred Shares, Series A (the “Series A shares”) and Cumulative Floating Rate Preferred Shares, Series B (the “Series B shares”) that will take effect on July 31, 2026.

With respect to any Series A shares that remain outstanding after July 31, 2026 (when, subject to the terms of the Corporation’s articles, holders of Series A shares who elect to exchange some or all of their Series A shares for Series B shares will have such shares exchanged) (the “Conversion Date”), holders of Series A shares will be entitled to receive quarterly fixed cumulative preferential cash dividends, if, as and when declared by the Board of Directors of Capstone. The dividend rate for the five-year period from and including July 31, 2026 to but excluding July 31, 2031 will be 5.788% per annum, being equal to the five-year Government of Canada bond yield determined as of today plus 2.71%, in accordance with the terms of the Series A shares.

With respect to any Series B shares that may be issued on the Conversion Date, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, if, as and when declared by the Board of Directors of Capstone. The dividend rate for the three-month period from and including July 31, 2026 to but excluding October 31, 2026 will be 4.994% per annum, being equal to the three-month Government of Canada Treasury Bill yield per annum determined as of today plus 2.71%, with the amount of any quarterly dividend calculated based on the actual number of days in such quarterly period divided by 365, in accordance with the terms of the Series B shares.

Beneficial owners of Series A shares who wish to exercise their conversion right should communicate with their broker or other nominee to ensure their instructions are followed so that the registered holder of the Series A shares can meet the deadline to exercise such conversion right, which is 5:00 p.m. (Toronto time) on July 15, 2026.

CSE.PR.A was issued as a FixedReset, 5.00%+271, that commenced trading 2011-6-30 after being announced 2011-6-13. Notice of extension was provided and it reset to 3.271% in 2016. I recommended against conversion and there was no conversion to FloatingReset. The issue reset to 3.702% in 2021; there was no conversion. Extension notice was provided in 2026. The issue is now unrated.

Mulvihill has announced (on 2026-6-23):

Premium Income Corporation (the “Fund”) is pleased to announce its intention to complete a share split of its class A shares (the “Share Split) due to the Fund’s strong performance. The holders of class A shares of record on the close of business on June 29, 2026 will receive 20 additional class A shares for every 100 Class A shares held, pursuant to the Share Split. The Share Split is subject to the approval by the Toronto Stock Exchange (the “TSX”).

As a result of the Share Split, the total dollar amount of distributions to be paid to the holders of Class A shares is expected to increase by approximately 20%.

The Class A shares are expected to commence trading on an ex-split basis at the opening of trading on June 29, 2026. 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 Share Split is a non-taxable event. The impact of the Share Split will be reflected in the net asset value per Class A share as of July 9, 2026.

For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at info@mulvihill.com or visit www.mulvihill.com

This announcement comes hard on the heels of the 2026-5-5 announcement of a 110-new-for-100-old Capital Unit Split.

They have now announced:

Premium Income Corporation (the “Fund”) is pleased to announce that it is undertaking an overnight treasury offering of Preferred Shares (the “Offering”).

The offering is expected to close on or about July 8, 2026, and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”). The Preferred Shares will be offered at a price of $16.30 per Preferred Share. The trading price on the TSX for the Preferred Shares as at the last trade on June 26, 2026 was $16.56. Since the inception of the Fund, the aggregate dividends declared on the Preferred Shares have been $26.49 per share.

The Fund invests in a portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and The Toronto-Dominion Bank. To generate additional returns above the dividend income earned on the Fund’s portfolio, the Fund will selectively write covered call and put options in respect of some or all of the common shares in the Fund’s portfolio. The manager and investment manager of the Fund is Mulvihill Capital Management Inc.

The Preferred Shares pay fixed cumulative preferential monthly cash distributions in the amount of $0.10625 ($1.275 per annum) per Preferred Share representing a yield of 8.50% on the original issue price of $15.00.

The syndicate of agents for the offering is being led by National Bank Financial Inc.

For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at info@mulvihill.com or visit www.mulvihill.com

Quadravest has announced:

North American Financial 15 Split Corp. (the “Company”) is pleased to announce its intention to complete a share split of its Class A shares (the “Share Split”) due to the Company’s strong performance. The Company is also pleased to announce a Preferred share overnight offering for which the sales period will end at 8:30 a.m. EST on June 26, 2026.

Class A Share Split (TSX: FFN):
The Class A shareholders of record at the close of business on July 3, 2026 will receive 10 additional Class A shares for every 100 Class A shares held, pursuant to the Share Split. The Share Split is subject to approval by the Toronto Stock Exchange (the “TSX”).

Class A shareholders will continue to receive regular monthly cash distributions targeted to be $0.11335 per Class A share following the Share Split, resulting in an increase in total distributions of approximately 10% through the issuance of additional shares. Since inception, Class A shareholders have received cash distributions of $19.22 per share.

The Class A shares are expected to commence trading on an ex-split basis at the opening of trading on July 3, 2026. 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 Share Split is a non-taxable event.

The impact of the Share Split is expected to be reflected in the net asset value per unit as at July 15, 2026.

Preferred Share Overnight Offering (TSX: FFN.PR.A):
The Company will undertake an overnight offering of Preferred shares of the Company. The offering will be led by National Bank Financial Inc. The sales period of this overnight offering will end at 8:30 a.m. EST on June 26, 2026. The offering is expected to close on or about July 6, 2026 and is subject to certain closing conditions including approval by the TSX.

The Preferred shares will be offered at a price of $10.90 per Preferred share. The closing price on the TSX of the Preferred shares on June 24, 2026 was $11.10.

Since inception of the Company, the aggregate dividends paid on the Preferred shares have been $12.87 per share. All distributions to date have been made in tax advantage eligible Canadian dividends.

The net proceeds of the offering will be used by the Company to invest in an actively managed, high quality portfolio primarily consisting of 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 Inc., Great-West Lifeco, Bank of America, Citigroup Inc., Goldman Sachs Group, JP Morgan Chase & Co. and Wells Fargo & Co.

The Company’s Preferred share investment objectives are:
i. effective December 1, 2025, to provide holders of the Preferred shares with fixed, cumulative monthly dividends at an annual rate of 7.50%, as determined annually by the Board of Directors, and subject to a minimum rate of 7.00% until 2029; and
ii. on or about the termination date, currently December 1, 2029 (subject to further 5-year extensions thereafter), to pay the holders of the Preferred shares $10.00 per Preferred share.