Canadian Life Companies Split Corp. Announces TSX Acceptance of Normal Course Issuer Bid
January 10 2013 - 9:00AM
Marketwired
Canadian Life Companies Split Corp. (the "Company") announced today
that Toronto Stock Exchange (the "TSX") has accepted its notice of
intention to make a Normal Course Issuer Bid (the "NCIB") to
purchase its 2012 Preferred Shares and Class A Shares (the
"Shares") through the facilities of TSX. The NCIB will commence on
January 14, 2013 and terminate on January 13, 2014.
Pursuant to the NCIB, the Company proposes to purchase, from
time to time, if it is considered advisable, up to 793,011 2012
Preferred Shares (the "Preferred Shares") and 793,011 Class A
Shares of the Company, representing approximately 10% of the public
float of the Preferred Shares and the Class A Shares. As of January
2, 2012, there are 7,930,113 Preferred Shares and 7,930,113 Class A
Shares issued and outstanding. The Company will not purchase, in
any given 30-day period, in the aggregate, more than 158,602
Preferred Shares or more than 158,602 Class A Shares, being
approximately 2% of the issued and outstanding Shares as of the
date hereof. In the previous 12-month period, the Company has not
repurchased any Shares through a NCIB.
The Board of Directors of the Company, on the advice of
Quadravest Capital Management Inc., the Company's investment
manager, believes that such purchases are in the best interests of
the Company and are a desirable use of its funds. All purchases
will be made through the facilities and in accordance with the
rules and policies of the TSX. All Preferred Shares or Class A
Shares purchased by the Company pursuant to the NCIB will be
cancelled.
Canadian Life Companies Split Corp. is an investment fund
managed and advised by Quadravest Capital Management Inc. The
Preferred Shares and Class A Shares of the Company are listed in
the Toronto Stock Exchange under the symbols LFE.PR.B and LFE
respectively.
Certain statements included in this news release constitute
forward-looking statements, including, but not limited to, those
identified by the expressions "expect", "intend", "will" and
similar expressions to the extent they relate to the Company. The
forward-looking statements are not historical facts but reflect the
Company's current expectations regarding future results or events.
These forward-looking statements are subject to a number of risks
and uncertainties that could cause actual results or events to
differ materially from current expectations. Although the Company
believes that the assumptions inherent in the forward-looking
statements are reasonable, forward-looking statements are not
guarantees of future performance and, accordingly, readers are
cautioned not to place undue reliance on such statements due to the
inherent uncertainty therein. The Company undertakes no obligation
to update publicly or otherwise revise any forward-looking
statement or information whether as a result of new information,
future events or other such factors which affect this information,
except as required by law.
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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