Brompton Lifeco Split Corp. Announces Preferred Share Distribution Rate on Extension
05 Febbraio 2014 - 8:17PM
Marketwired
Brompton Lifeco Split Corp. Announces Preferred Share Distribution
Rate on Extension
TORONTO, ONTARIO--(Marketwired - Feb 5, 2014) - As previously
announced, Brompton Lifeco Split Corp. ("LCS" or the "Fund")
(TSX:LCS)(TSX:LCS.PR.A) will hold a special meeting of shareholders
on February 18, 2014 to consider the proposed extension of the term
of the Class A Shares and Preferred Shares of the Fund. If
approved, shareholders will be able to continue their investment in
the Fund beyond its currently scheduled termination date of April
30, 2014. The proposed extension will not result in any changes to
shareholder redemption rights and is subject to shareholder
approval. In the event that the proposed extension is not approved
by shareholders, the Fund will terminate and Class A and Preferred
shareholders will receive net asset value per Class A and Preferred
Share, respectively.
If the extension is approved, the term of the Class A Shares and
Preferred Shares will be extended to April 29, 2019 and the
distribution rate for the Fund's Preferred Shares for the new term
commencing on May 1, 2014 will be $0.575 per share per annum
payable quarterly. This represents a 5.75% yield on the par value
($10.00) of the Preferred Share and is based on current market
rates for preferred shares with similar terms. In addition, the
Fund intends to maintain the targeted monthly Class A Share
distribution at $0.075 per Class A Share.
LCS invests in a portfolio, on an approximately equal weight
basis, of common shares of Canada's 4 largest publicly-listed life
insurance companies: Great-West Lifeco Inc., Industrial Alliance
Insurance and Financial Services Inc., Manulife Financial
Corporation and Sun Life Financial Inc.
About Brompton Funds
Brompton Funds, a division of Brompton Group, is an experienced
investment fund manager operating since 2002. Brompton is focused
on meeting the needs of investors by offering low cost, innovative
products with client friendly terms and supported by strong
corporate governance. For further information, please contact your
investment advisor, call Brompton's investor relations line at
416-642-6000, toll-free at 1-866-642-6001, email
info@bromptongroup.com or visit our website at
www.bromptongroup.com.
Commissions, trailing commissions, management fees and
expenses all may be associated with investment funds. Please read
the Fund's publicly filed documents which are available from SEDAR
at www.sedar.com. Investment funds are not guaranteed, their values
change frequently and past performance may not be
repeated.
Certain statements contained in this news release constitute
forward-looking information within the meaning of Canadian
securities laws. Forward-looking information may relate to matters
disclosed in this press release and to other matters identified in
public filings relating to the Fund, to the future outlook of the
Fund and anticipated events or results and may include statements
regarding the future financial performance of the Fund. In some
cases, forward-looking information can be identified by terms such
as "may", "will", "should", "expect", "plan", "anticipate",
"believe", "intend", "estimate", "predict", "potential", "continue"
or other similar expressions concerning matters that are not
historical facts. Actual results may vary from such forward-looking
information.
Brompton's investor relations line416-642-6000 or toll-free at
1-866-642-6001info@bromptongroup.comwww.bromptongroup.com
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