S Split Corp.

S Split Corp.

March 26, 2010 09:00 ET

S Split Corp. Announces Year End Results

TORONTO, ONTARIO--(Marketwire - March 26, 2010) - S Split Corp. (the "Fund") (TSX:SBN.PR.A)(TSX:SBN)(TSX:SBN.WT), announces results for the year ended December 31, 2009. Net realized loss before distributions amounted to $(9.2) million or $(2.25) per unit. Net assets were $20.89 per unit, net of distributions to Class A shareholders in the amount of $1.7 million or $0.42 per Class A share and distributions to Preferred Shareholders in the amount of $2.1 million or $0.53 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 and warrants are listed on The Toronto Stock Exchange under the symbols SBN.PR.A, SBN and SBN.WT respectively.

Selected Financial Information : ($ Millions)  
Statement of Net Assets 2009
Assets $ 80.1
Liabilities 38.5
Net Assets (Shareholders Equity) $ 41.6
Statement of Financial Operations  
Income $ 3.6
Expenses (1.9)
Net Investment Income $ 1.7
Net Loss on Investments (10.9)
Net Realized Loss before Distributions $ (9.2)

A member of the Mulvihill Capital Management Inc. Group.

Contact Information

  • S Split Corp.
    Investor Relations
    416.681.3966 or Toll Free: 1.800.725.7172