TORONTO, March 02, 2026 (GLOBE NEWSWIRE) -- Commerce Split Corp. (the "Company") is pleased to announce its intention to complete a share split of its Capital Shares (the "Share Split") and to increase the targeted distributions payable on the Capital Shares, reflecting the strong performance of the Company.
Capital shareholders of record at the close of business on March 6, 2026 will receive 10 additional Capital Shares for every 100 Capital Shares held, pursuant to the Share Split. The Share Split is subject to approval by the Toronto Stock Exchange (the "TSX").
In addition, the Company intends to increase the targeted monthly distribution on the Capital Shares to $0.075 per share ($0.90 annually) from $0.05 per share ($0.60 annually). After giving effect to the Share Split, this represents an approximate 65% increase in total distributions to Capital shareholders.
Based on a closing price of $8.52 per Capital Share on February 27, 2026, and after giving effect to the Share Split, the new annual distribution rate corresponds to an indicative dividend yield of approximately 12.77% at the target rate, compared to approximately 7.04% at the current annual distribution rate.
The Capital Shares are expected to commence trading on an ex-split basis at the opening of trading on or about March 6, 2026. No fractional Capital Shares will be issued, and the number of Capital 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 next reported net asset value per unit following the effective date.
The Company invests in common shares of Canadian Imperial Bank of Commerce, a Canadian financial institution.
Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to the Company. The forward-looking statements are not historical facts but reflect the Company'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 the Company believes that 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. The Company undertakes no 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. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Investors should read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Please read the Company's publicly filed documents which are available at www.sedarplus.com-
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