TORONTO, ONTARIO--(Marketwired - March 21, 2014) - S Split Corp. (the "Fund") (TSX:SBN)(TSX:SBN.PR.A) announces results of operations for the year ended December 31, 2013. Net income for the year amounted to $6.6 million or $2.05 per Class A share. Net assets per Unit were $19.85, net of distributions of $0.50 per Class A share and $0.53 per Preferred Share. Each Unit consists of one Preferred Share and one Class A Share.
The investment objectives for the Class A Shares are: (i) to provide holders of Class A Shares with regular monthly cash distributions 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 $10.00 per Preferred Share to holders of Preferred Shares at the time of redemption of such shares on December 1, 2014.
The Fund invests in The Bank of Nova Scotia ("BNS") shares.
The Fund employs a proprietary investment strategy, Strathbridge Selective Overwriting ("SSO"), to enhance the income generated by the BNS shares and to reduce volatility. In addition, the Fund may write cash covered put options in respect of securities in which it is permitted to invest.
The Fund's investment portfolio is managed by its investment manager, Strathbridge Asset Management Inc. The Fund's Preferred and Class A shares are listed on Toronto Stock Exchange under the symbols SBN.PR.A and SBN respectively.
| Selected Financial Information : ($ Millions) | |||
| Statement of Financial Position | 2013 | ||
| Assets | $ | 62.0 | |
| Liabilities (including redeemable Preferred Shares) | (31.3 | ) | |
| Equity | $ | 30.7 | |
| Statement of Operations | |||
| Revenue | $ | 1.8 | |
| Expenses | (1.4 | ) | |
| Preferred Share Distributions | (1.7 | ) | |
| Net Investment Loss | $ | (1.3 | ) |
| Net Gain on Investments | 7.9 | ||
| Net Income | $ | 6.6 | |
Aaron Ho, Vice-President, Finance
Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
Contact Information:
416.681.3966; 1.800.725.7172
info@strathbridge.com
www.strathbridge.com