World Financial Split Corp.
TSX : WFS.PR.A
TSX : WFS

World Financial Split Corp.

March 29, 2011 09:25 ET

World Financial Split Corp.: Announces Year End Results

TORONTO, ONTARIO--(Marketwire - March 29, 2011) - World Financial Split Corp. (TSX:WFS)(TSX:WFS.PR.A) announces results for the year ended December 31, 2010. Net realized loss before distributions amounted to $(12.4) million or $(1.64) per unit. Net assets were $11.57 per unit, net of distributions to shareholders in the amount of $0.53 per Preferred share.

The Fund is a mutual fund corporation which invests in a portfolio that includes common equity securities selected from the ten largest financial services companies by market capitalization in each of Canada, the United States and the Rest of the World (the "Portfolio Universe"). The issuers of securities in the Portfolio, other than Canadian issuers, must have a minimum credit rating of "A" from Standard & Poor's Rating Services or a comparable rating from an equivalent rating agency.

In addition, up to 20% of the Net Asset Value of the Fund may be invested in common equity securities of financial services companies not included in the Portfolio Universe as long as such companies have a market capitalization at the time of investment of at least US$10 billion and for non-Canadian issuers, a minimum credit rating of "A" from Standard & Poors Rating Services or a comparable rating from an equivalent rating agency.

To generate additional returns, the Fund may, from time to time, write covered call options in respect of all or part of the common shares in the Portfolio. In addition, the Fund may write cash covered put options in respect of securities in which the Fund is permitted to invest.

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 Toronto Stock Exchange under the symbols WFS.PR.A and WFS respectively.

Selected Financial Information: ($ Millions)  
   
Statement of Financial Position 2010  
Assets $ 80.4  
Liabilities   70.0  
Equity $ 10.4  
   
Statement of Operations      
Revenue $ 2.0  
Expenses   (1.9 )
Net Investment Income $ 0.1  
Net Realized Loss on Investments   (12.5 )
   
Net Realized Loss before Distributions $ (12.4 )

For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172 or visit www.mulvihill.com.

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

  • Mulvihill Structured Products
    John Mulvihill
    President and CEO
    416.681.3966 or 1.800.725.7172
    or
    Mulvihill Structured Products
    David Roode
    President, Fund Services
    416.681.3966 or 1.800.725.7172
    or
    Mulvihill Structured Products
    Aaron Ho
    Vice-President, Finance
    416.681.3966 or 1.800.725.7172
    or
    Mulvihill Structured Products
    121 King Street West, Suite 2600
    Toronto, Ontario, M5H 3T9
    416.681.3966 or 1.800.725.7172
    info@mulvihill.com
    www.mulvihill.com