AIC Global Financial Split Corp.

AIC Global Financial Split Corp.

October 21, 2008 16:11 ET

AIC Global Financial Split Corp.-Distribution, October 2008

BURLINGTON, ONTARIO--(Marketwire - Oct. 21, 2008) - AIC Global Financial Split Corp. (TSX:ASC)(TSX:ASC.PR.A) (the "Corporation") today announced that in accordance with its articles of incorporation, it will continue to suspend payment of the regular monthly distribution on its Class A Shares in order to protect the Corporation's Net Asset Value and to preserve its ability to rebuild and meet its investment objectives in the long term.

The Corporation's portfolio of securities comprised primarily of the world's leading bank-based, insurance-based and investment management-based financial services companies has experienced a sharp decline resulting in a reduction in the Corporation's net asset value. As stated in the articles of incorporation of the Corporation, the Corporation may suspend distributions on the Class A Shares if the Net Asset Value per Class A Share would be less than $15.00 after the payment of such distributions, other than any distributions required so that the Corporation will not be liable for income tax under the Income Tax Act. Due to the decline in the Net Asset Value of the Corporation, no distribution will be paid to shareholders of record as of October 31, 2008. A re-evaluation will be conducted next month to determine whether the distribution can be reinstated for Class A Shareholders of record as of November 28, 2008.

A shareholder that has continually held shares since inception will have received a total of $5.54 per Class A Share and $2.28 per Preferred Share respectively as of payment date.

Contact Information

  • AIC Limited
    Client Service Department