Canadian Life Companies Split Corp. Announces Warrant Offering
January 07 2010 - 5:18PM
Marketwired
Canadian Life Companies Split Corp. (the "Company") is pleased to
announce that it has filed a final prospectus relating to an
offering of warrants ("Warrants") to all Class A Shareholders. Each
Class A Shareholder of record on January 15, 2010 will receive one
Warrant for each Class A Share held. Each Warrant will entitle the
holder to purchase a "Unit" (consists of one Class A Share and one
Preferred Share) upon payment of the subscription price of $15.65
(which is the sum of the most recently calculated NAV per Unit
prior to the date of the preliminary prospectus plus the estimated
per Unit fees and expenses of the Offering). Warrants may be
exercised at any time before the earlier of i) October 27, 2010 or
ii) such date which is 20 business days from the date the Company
exercises its right to call the Warrants.
The net proceeds from the subscription of Units will be used to
acquire additional securities in accordance with the Company's
investment objectives. The exercise of Warrants by holders will
provide the Company with additional capital that can be used to
take advantage of attractive investment opportunities and is also
expected to increase the trading liquidity of the Class A Shares
and the Preferred Shares and reduce the management expense ratio of
the Company.
The Warrants are being exclusively provided to all Class A
Shareholders. Warrantholders will have the opportunity to
potentially acquire Units at a price lower than the trading price
in the marketplace.
Both the Preferred Shares and Class A Shares trade on the
Toronto Stock Exchange (the "TSX") under the symbol "LFE.PR.A" and
"LFE" respectively. The Warrants will be listed on the TSX under
the symbol LFE.WT. It is expected the Warrants will commence
trading on an ex-distribution basis on January 13, 2010.
Contacts: Canadian Life Companies Split Corp. Investor Relations
416-304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372)
www.lifesplit.com
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