TORONTO, May 31, 2012 /CNW/ - R Split III Corp. (the "Company") announced today that it has completed its initial public offering of its Class B Preferred Shares, Series 1 (the "Preferred Shares"), raising approximately $16.8 million through the issuance of 1,234,962 Preferred Shares at a price of $13.60 per Preferred Share. In addition, the Company has redeemed all of its outstanding Class A Preferred Shares.
The Preferred Shares were offered to maintain the leveraged "split share" structure of the Company following the successful reorganization of the Company (approved at a special meeting of holders of Class A Capital Shares on March 14, 2012), which, among other things, extended the redemption date of the Capital Shares for an additional five year term. The Preferred Shares were offered to the public by a syndicate of agents led by Scotia Capital Inc.
Upon the close of business on May 31, 2012 there will be 2,469,924 Capital Shares and 1,234,962 Preferred Shares issued and outstanding.
R Split III Corp. is a mutual fund corporation created to hold a portfolio of common shares of the Royal Bank of Canada. Capital Shares and Preferred Shares of R Split III Corp. are listed for trading on The Toronto Stock Exchange under the symbols RBS and RBS.PR.B respectively.
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