NEW Commerce Split is a corporation investing in common shares of Canadian Imperial Bank of Commerce.  To view the December 23, 2009 Information Circular which outlines details of the Capital Reorganization completed on March 26, 2010, please click here.

Objectives:

Class I Preferred Share (YCM.PR.A) pay fixed cumulative preferential monthly dividends to yield 7.50% per annum on the $5.00 notional issue price and has a repayment objective on December 1, 2014 or such other date as the Company may be terminated (the “Termination Date”) of $5.00.

Class II Preferred Share (YCM.PR.B) pay distributions to yield 7.50% per annum on the $5.00 notional issue price if and when the net asset value per Unit exceeds $12.50 and has a repayment objective on the Termination Date of $5.00. Each “Unit” consists of one Class I Preferred Share, one Class II Preferred Share and one Capital Share.

Capital Share (YCM) participate in any net asset value growth over $10.00 per Unit and dividends would be paid if and when the net asset value per Unit exceeds $15.00. The dividend rate on the Capital Shares will be set by the Board of Directors of the Company at its discretion, based on market conditions. No dividend payments will be made on the Capital Shares unless all dividends on the Class I Preferred Shares and, if applicable, Class II Preferred Shares have been declared and paid.

2011 Warrant (YCM.WT) can be exercised to purchase one Unit for an exercise price of $10.00 per Unit at specified times until February 28, 2011.

2012 Warrant (YCM.WT.A) can be exercised to purchase one Unit for an exercise price of $12.50 per Unit at specified times until February 28, 2012.