M-Split Corp.

M-Split Corp.

February 25, 2010 12:45 ET

M-Split Corp.: Financial Results to November 30, 2009

TORONTO, ONTARIO--(Marketwire - Feb. 25, 2010) - M-Split Corp. ("M-Split") announces annual financial results for the year ending November 30, 2009.

As at November 30, 2009, the net asset value of the Company was $8.54 per unit (a unit consisting of one Priority Equity shares and one Class A share). As a result of the significant liquidation of Manulife Financial common shares to facilitate the requirements of the Priority Equity Portfolio Protection Plan, the Company had 99% in fixed income securities (plus cash) and the remaining 1.0% in Manulife Financial common stock as at November 30, 2009. The complete financial statements are available at www.m-split.com or www.sedar.com.

Subsequent to the end of the Company's fiscal year, a special shareholder meeting was held on February 3, 2010 and a capital reorganization was approved. The reorganization will provide shareholders with the ability choose to have their existing Priority Equity and/or Class A shares reorganized into a new series of shares (the New Commerce Split Fund) that would potentially provide greater distribution and capital growth potential by re- establishing a full investment in Manulife common stock. It is expected that the full implementation of the reorganization will occur in March 2010. 

Selected Financial Information from the Statement of Financial Operations:  
For the year ending November 30, 2009  
  ($ Millions)
Income 1.029
Expenses (0.435)
Net investment income 0.594
Realized option premiums and gain (loss) on sale of investments (12.524)
Change in unrealized appreciation of investments 9.478
Decrease in net assets from operations before distributions (2.452)

Comparative financial information is available in documents filed on www.sedar.com.

Contact Information

  • M-Split Corp.
    Investor Relations
    416-304-4443 or toll free at 1-877-4-Quadra (1-877-478-2372)