TORONTO, Dec. 17, 2018 (GLOBE NEWSWIRE) -- Prime Dividend Corp. (“the Company”) announces a Class A share consolidation. 

In connection with the extension of the termination date of the Company, a special retraction right was offered allowing existing shareholders to tender one or both classes of shares and receive a retraction price based on the November 30, 2018 net asset value per unit.  In aggregate, more Preferred shares were tendered for retraction than Class A shares.  The purpose of the share consolidation is to maintain the requirement that an equal number of Class A shares and Preferred shares remain outstanding. 

Immediately after the special retraction payment on December 17, 2018, there will be 944,954 Preferred shares and 1,169,060 Class A shares outstanding.  In order to restore an equal amount of shares outstanding for each Class, the Class A shares will be consolidated on the basis of 0.8083023968 of a post-consolidation Class A share for every one pre-consolidation Class A share outstanding. In the event that the share consolidation would otherwise result in the issuance of fractional shares, 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 consolidation is a non-taxable event.

It is expected that the Class A shares will trade on a post-consolidation basis at the opening of trading on Friday, December 21, 2018.

The impact of the Class A share consolidation will be reflected in the next reported net asset value per unit as at December 31, 2018.  Net assets of the Company after the retraction payments will be approximately $14.7 million.

This information amends the press release issued on December 13, 2018.

Investor Relations: 1-877-478-2372
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www.primedividend.com
info@quadravest.com

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