On December 1, 2014, North American Financials Capital Securities Trust (the “Fund”) completed the extension of its term of an additional five years to November 30, 2019. As part of the extension, the Fund’s forward purchase and sale agreement was terminated, resulting in the Fund holding its portfolio directly. In connection with the closing of the extension, the Fund also declared a special capital gains distribution to its unitholders of record on December 1, 2014, consisting of a combination of units and cash, that was payable on December 15, 2014.
North American Financials Capital Securities Trust was represented by Stikeman Elliott LLP with a team including Joel Binder and Kristina Vranjkovic (corporate/securities).