AIC Global Financial Split Corp.

AIC Global Financial Split Corp.

September 18, 2008 15:41 ET

AIC Global Financial Split Corp.-September 2008

BURLINGTON, ONTARIO--(Marketwire - Sept. 18, 2008) - AIC Global Financial Split Corp. (TSX:ASC)(TSX:ASC.PR.A) (the "Corporation") today announced that a quarterly cash distribution in the amount of $0.13125 per Preferred Share of the Corporation will be paid on October 10, 2008 to Preferred shareholders of record as of September 30, 2008.

The Corporation also announced that in accordance with its articles of incorporation, it will 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. A re-evaluation will be conducted next month to determine whether the distribution can be reinstated for Class A Shareholders of record as of October 31, 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