S Split Corp.
TSX : SBN.PR.A
TSX : SBN

S Split Corp.

August 26, 2009 09:00 ET

S Split Corp. Announces Semi-Annual Results

TORONTO, ONTARIO--(Marketwire - Aug. 26, 2009) - S Split Corp. (the "Fund") (TSX:SBN.PR.A)(TSX:SBN), announces results for the six months ended June 30, 2009. Net realized loss before distributions amounted to $(9.3) million or $(2.16) per unit. Net assets were $19.09 per unit, net of distributions to Class A shareholders in the amount of $0.6 million or $0.13 per Class A share and distributions to Preferred Shareholders in the amount of $1.1 million or $0.26 per Preferred Share. Each unit consists of one Preferred Share and one Class A Share.

The Fund is a mutual fund corporation which invests in a portfolio of common shares of The Bank of Nova Scotia ("BNS Shares"). Investors in the Fund's Class A Shares will receive leveraged exposure to the performance of The Bank of Nova Scotia, including increases or decreases in the value of BNS Shares and increases or decreases in the dividends paid on BNS Shares. Investors in the Fund's Preferred Shares will receive monthly distributions on a fixed, cumulative and preferential basis.

The investment objectives for the Class A Shares are: (i) to provide holders of Class A Shares with regular monthly cash distributions in an amount targeted to be 6.00% per annum on the net asset value ("NAV") of the Class A Shares; and (ii) to provide holders of Class A Shares with the opportunity for leveraged growth in NAV and distributions per Class A Share.

The investment objectives for the Preferred Shares are: (i) to provide holders of Preferred Shares with fixed cumulative preferential monthly cash distributions in the amount of $0.04375 per Preferred Share ($0.525 per year) representing a yield on the issue price of the Preferred Shares of 5.25% per annum; and (ii) to return the issue price of $10.00 per Preferred Share to holders of Preferred Shares at the time of redemption of such shares on December 1, 2014.

The Fund's investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The Fund's Preferred and Class A shares are listed on The Toronto Stock Exchange under the symbols SBN.PR.A and SBN.



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Selected Financial Information: ($ Millions)
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Statement of Financial Operations
For the six months ended June 30, 2009
(Unaudited)

Revenue $ 1.5
Net Realized Loss on Investments (9.9)
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(8.4)
Less: Expenses (0.9)
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Net Realized Loss Before Distributions $ (9.3)

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A member of the Mulvihill Capital Management Inc. Group of Funds.

Contact Information