Canadian Large Cap Leaders Split Corp. Announces Exchange Ratios

[Not for distribution to United States newswire services or for dissemination in the United States]TORONTO, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Ninepoint Partners LP (“Ninepoint”), on behalf of Canadian Large Cap Leaders Split Corp. (the “Company”), is pleased to announce the exchange ratios for the exchange offer by the Company (“the “Exchange Option”) being made under the final prospectus of the Company dated January 29, 2024. Ninepoint will act as the manager, portfolio manager and promoter of the Company and will provide all administrative services required by the Company.

The Company will invest in an initially equally-weighted portfolio comprised primarily of equity securities of Canadian Dividend Growth Companies (as defined below), selected by the portfolio manager, that at the time of investment and immediately following each periodic reconstitution and rebalancing: (i) are listed on a Canadian exchange; (ii) pay a dividend; (iii) generally have a market capitalization of at least $10 billion; (iv) have options in respect of its equity securities that, in the opinion of the portfolio manager, are sufficiently liquid to permit the portfolio manager to write options in respect of such securities; and (v) have a history of dividend growth or, in the portfolio manager’s view have high potential for future dividend growth (“Canadian Dividend Growth Companies”).

The investment objectives for the preferred shares of the Company (the “Preferred Shares”) are to provide their holders with fixed cumulative preferential quarterly cash distributions in the amount of $0.1875 per Preferred Share ($0.75 per annum or 7.5% per annum on the issue price of $10.00 per Preferred Share), and to return the original issue price of $10.00 to holders upon maturity.

The investment objectives for the class A shares of the Company (the “Class A Shares”) are to provide their holders with regular monthly non-cumulative cash distributions targeted to be $0.125 per Class A Share representing a yield on the issue price of $15.00 per Class A Share of 10% per annum and to provide holders with the opportunity for growth in the net asset value per Class A Share.

The number of “Units” (each Unit comprised of one Preferred Share and one Class A Share) or Class A Shares issuable for each security of an Exchange Eligible Issuer (as listed below) (the “Exchange Ratio”) has been determined by dividing the weighted average trading price of the securities of such Exchange Eligible Issuer on the principle stock exchange on which such Exchange Eligible Issuer’s securities are listed, during the five consecutive trading days ending on February 7, 2024 (the “Pricing Period”), as adjusted to reflect dividends declared or distributions pending by any Exchange Eligible Issuer that trades on an ex-dividend basis until the closing date (the “Closing Date”) of the Company’s initial public offering (the “Offering”) by the sum of issue prices of a Preferred Share and Class A Share being $25.00 in the case of a subscription for Units or $15.00 in the case of a subscription for Class A Shares. The Exchange Ratio will be adjusted to reflect the $0.01 per Class A Share to be received by prospective purchasers who tendered securities of Exchange Eligible Issuers to the Company for Class A Shares. Holders of securities of Exchange Eligible Issuers who deposited such securities pursuant to the Exchange Option will continue to be holders of record up to the Closing Date and will be entitled to receive distributions in respect of such securities of Exchange Eligible Issuers up to but not including the Closing Date. Each Exchange Ratio has been rounded down to five decimal places. The Company will not issue fractional shares pursuant to the Exchange Option.

The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Company pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its volume weighted average trading price (“VWAP”) during the Pricing Period, the Exchange Ratio per Unit, and the Exchange Ratio per Class A Share.
           
*Company Name* *Ticker* *CUSIP* *ISIN* *VWAP* *Exchange Ratio per Unit* * Exchange Ratio per Class A Share *
Barrick Gold Corp ABX 67901108 CA0679011084 $20.6229 0.82492 1.37486
Agnico Eagle Mines Ltd AEM 8474108 CA0084741085 $64.2750 2.57100 4.28500
Algonquin Power & Utilities Corp AQN 15857105 CA0158571053 $7.8443 0.31377 0.52295
Alimentation Couche-Tard Inc ATD 01626P148 CA01626P1484 $79.2370 3.16948 5.28247
Brookfield Asset Management Ltd BAM 113004105 CA1130041058 $53.4802 2.13921 3.56535
BCE Inc BCE 05534B760 CA05534B7604 $53.0020 2.12008 3.53347
Brookfield Infrastructure Partners LP BIP-U 16252101 BMG162521014 $42.0802 1.68321 2.80535
Bank of Montreal BMO 63671101 CA0636711016 $124.3898 4.97559 8.29265
Brookfield Corp BN 11271J107 CA11271J1075 $52.7699 2.11080 3.51799
Bank of Nova Scotia/The BNS 64149107 CA0641491075 $62.7190 2.50876 4.18127
CAE Inc CAE 124765108 CA1247651088 $27.0021 1.08008 1.80014
Canadian Apartment Properties REIT CAR-U 134921105 CA1349211054 $47.6232 1.90493 3.17488
CCL Industries Inc CCL/B 124900309 CA1249003098 $57.0484 2.28194 3.80323
Cameco Corp CCO 13321L108 CA13321L1085 $64.7897 2.59159 4.31931
Canadian Imperial Bank of Commerce CM 136069101 CA1360691010 $60.4852 2.41941 4.03235
Canadian Natural Resources Ltd CNQ 136385101 CA1363851017 $81.4975 3.25990 5.43317
Canadian National Railway Co CNR 136375102 CA1363751027 $172.5449 6.90180 11.50299
Canadian Pacific Kansas City Ltd CP 13646K108 CA13646K1084 $113.6588 4.54635 7.57725
Constellation Software Inc/Canada CSU 21037X100 CA21037X1006 $3,653.3095 146.13238 243.55397
Canadian Tire Corp Ltd CTC/A 136681202 CA1366812024 $142.3740 5.69496 9.49160
Cenovus Energy Inc CVE 15135U109 CA15135U1093 $21.3220 0.85288 1.42147
Dollarama Inc DOL 25675T107 CA25675T1075 $99.3199 3.97280 6.62133
Emera Inc EMA 290876101 CA2908761018 $47.7809 1.91124 3.18539
Enbridge Inc ENB 29250N105 CA29250N1050 $46.7371 1.86948 3.11581

*Company Name* *Ticker* *CUSIP* *ISIN* *VWAP* * Exchange Ratio per Unit * * Exchange Ratio per Class A Share *
First Quantum Minerals Ltd FM 335934105 CA3359341052 $12.2822 0.49129 0.81881
Franco-Nevada Corp FNV 351858105 CA3518581051 $143.5484 5.74194 9.56989
FirstService Corp FSV 33767E202 CA33767E2024 $222.3277 8.89311 14.82185
Fortis Inc/Canada FTS 349553107 CA3495531079 $53.2848 2.13139 3.55232
CGI Inc GIB/A 12532H104 CA12532H1047 $151.2420 6.04968 10.08280
Gildan Activewear Inc GIL 375916103 CA3759161035 $45.2687 1.81075 3.01791
Hydro One Ltd H 448811208 CA4488112083 $40.0075 1.60030 2.66717
Intact Financial Corp IFC 45823T106 CA45823T1066 $208.5730 8.34292 13.90487
Imperial Oil Ltd IMO 453038408 CA4530384086 $76.7972 3.07189 5.11981
Kinross Gold Corp K 496902404 CA4969024047 $7.2985 0.29194 0.48657
Loblaw Cos Ltd L 539481101 CA5394811015 $134.8888 5.39555 8.99259
Manulife Financial Corp MFC 56501R106 CA56501R1064 $29.9104 1.19642 1.99403
Magna International Inc MG 559222401 CA5592224011 $77.9838 3.11935 5.19892
Metro Inc/CN MRU 59162N109 CA59162N1096 $69.9707 2.79883 4.66471
National Bank of Canada NA 633067103 CA6330671034 $101.9625 4.07850 6.79750
Nutrien Ltd NTR 67077M108 CA67077M1086 $67.4711 2.69884 4.49807
Open Text Corp OTEX 683715106 CA6837151068 $56.0447 2.24179 3.73631
Power Corp of Canada POW 739239101 CA7392391016 $39.0626 1.56250 2.60417
Pembina Pipeline Corp PPL 706327103 CA7063271034 $45.3699 1.81480 3.02466
Restaurant Brands International Inc QSR 76131D103 CA76131D1033 $103.9441 4.15776 6.92961
Rogers Communications Inc RCI/B 775109200 CA7751092007 $62.8339 2.51336 4.18893
Royal Bank of Canada RY 780087102 CA7800871021 $130.5937 5.22375 8.70625
Saputo Inc SAP 802912105 CA8029121057 $28.0625 1.12250 1.87083
Shopify Inc SHOP 82509L107 CA82509L1076 $111.0318 4.44127 7.40212
Sun Life Financial Inc SLF 866796105 CA8667961053 $70.1368 2.80547 4.67579
Suncor Energy Inc SU 867224107 CA8672241079 $43.1406 1.72562 2.87604
TELUS Corp T 87971M103 CA87971M1032 $23.4391 0.93756 1.56261
Toronto-Dominion Bank/The TD 891160509 CA8911605092 $80.1859 3.20744 5.34573
Teck Resources Ltd TECK/B 878742204 CA8787422044 $52.1042 2.08417 3.47361
Tourmaline Oil Corp TOU 89156V106 CA89156V1067 $54.9941 2.19976 3.66627
Thomson Reuters Corp TRI 884903808 CA8849038085 $201.8868 8.07547 13.45912

*Company Name* *Ticker* *CUSIP* *ISIN* *VWAP* * Exchange Ratio per Unit * * Exchange Ratio per Class A Share *
TC Energy Corp TRP 87807B107 CA87807B1076 $51.2534 2.05014 3.41689
Waste Connections Inc WCN 94106B101 CA94106B1013 $212.1345 8.48538 14.14230
George Weston Ltd WN 961148509 CA9611485090 $171.2672 6.85069 11.41781
Wheaton Precious Metals Corp WPM 962879102 CA9628791027 $62.9687 2.51875 4.19791
WSP Global Inc WSP 92938W202 CA92938W2022 $201.1685 8.04674 13.41123            

*Agents*
The Offering is being made through a syndicate of agents led by RBC Capital Markets which includes CIBC Capital Markets, National Bank Financial Inc., Scotiabank, BMO Capital Markets, Canaccord Genuity Corp., TD Securities Inc., iA Private Wealth Inc., Manulife Wealth Inc., Richardson Wealth Limited, Desjardins Securities Inc., Raymond James Ltd., Echelon Wealth Partners Inc., Hampton Securities Limited, Research Capital Corporation and Wellington-Altus Private Wealth Inc.

*The 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 one of the agents listed above. Investors should read the prospectus before making an investment decision.*

*About Ninepoint Partners LP*
Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

For more information on Ninepoint, please visit www.ninepoint.com or for inquiries regarding the Offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expects”, “intends”, “anticipates”, “will” and similar expressions to the extent that they relate to the Company. The forward-looking statements are not historical facts but reflect Ninepoint'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 Ninepoint believes 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. Neither the Company nor Ninepoint undertake any 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.

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.