S Split Corp Announces Year End Results
21 März 2022 - 9:01PM
(TSX: SBN; SBN.PR.A) S Split Corp. (the “Fund”)
announces results of operations for the year ended December 31,
2021. Increase in net assets attributable to holders of Class A
shares amounted to $2.65 million or $3.30 per Class A share. As at
December 31, 2021, net assets attributable to holders of Class A
shares were $4.34 million or $8.53 per Class A share. Cash
distributions to Preferred shareholders totaling $0.42 million or
$0.53 per Preferred share and to Class A shareholders totaling
$0.16 million of $0.21 per Class A share were paid during the
year.
The investment objectives for the Class A shares
are: (i) to provide holders of Class A shares with 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 $10.00 per Preferred share to
holders of Preferred shares upon termination of the Fund.
The Fund invests in The Bank of Nova Scotia
(“BNS”) shares.
The Fund employs an active covered call writing
strategy to enhance the income generated by the BNS shares and to
reduce volatility.
The Fund’s investment portfolio is managed by
its investment manager, Mulvihill Capital Management Inc. The
Fund’s Preferred and Class A shares are listed on Toronto Stock
Exchange under the symbols SBN.PR.A and
SBN respectively.
Selected Financial Information: ($ Millions) |
|
|
Statement of Financial Position as at December
31st |
|
2021 |
|
Assets |
$ |
9.51 |
|
Liabilities (including Redeemable Preferred Shares) |
|
(5.17 |
) |
Net
Assets Attributable to Holders of Class A Shares |
$ |
4.34 |
|
Statement of Comprehensive Income for the year ended
December 31st |
|
|
Gain
(including Net Gain on Investments) |
$ |
3.57 |
|
Expenses |
|
(0.50 |
) |
Operating
Profit |
|
3.07 |
|
Preferred
Share Distributions |
|
(0.42 |
) |
Increase
in Net Assets Attributable to Holders of Class A Shares |
$ |
2.65 |
|
|
|
|
For further information, please contact Investor
Relations at 416.681.3966, toll free at 1.800.725.7172 or visit
www.mulvihill.com.
John Germain, Senior
Vice-President & CFO |
Mulvihill Capital Management Inc.121 King Street
WestSuite 2600Toronto, Ontario, M5H 3T9416.681.3966;
1.800.725.7172www.mulvihill.cominfo@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.
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