S Split Corp. Announces Semi-Annual Results
August 16 2013 - 4:03PM
Marketwired
S Split Corp. (TSX:SBN) (TSX:SBN.PR.A) announces announces results
for the six months ended June 30, 2013. Net loss for the period
amounted to $(1.6) million or $(0.50) per Class A share. Net assets
were $17.47 per unit, net of distributions of $0.25 per Class A
share and $0.26 per Preferred Share. Each unit consists of one
Preferred Share and one Class A Share.
The investment objectives for the Class A Shares are: (i) to
provide holders of Class A Shares with regular monthly cash
distributions in an amount 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 $10.00 per Preferred Share to holders of
Preferred Shares at the time of redemption of such shares on
December 1, 2014.
The Fund invests in common shares of the Bank of Nova Scotia
("BNS") and employs a proprietary investment strategy, Strathbridge
Selective Overwriting ("SSO"), to enhance the income generated by
the BNS shares and to reduce volatility. In addition, the Fund may
write cash covered put options in respect of securities in which it
is permitted to invest.
The Fund's investment portfolio is managed by its investment
manager, Strathbridge Asset Management Inc. The Fund's Preferred
and Class A shares are listed on Toronto Stock Exchange under the
symbols SBN.PR.A and SBN respectively.
Selected Financial Information : ($ Millions)
----------------------------------------------------------------------------
Statement of Operations
For the six months ended June 30, 2013
(Unaudited)
Revenue $ 1.2
Expenses (0.8)
Preferred Share Distributions (0.8)
------------
Net Investment Loss (0.4)
Net Loss on Investments (1.2)
------------
Net Loss $ (1.6)
For further information, please contact Investor Relations at
416.681.3966, toll free at 1.800.725.7172 or visit
www.strathbridge.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.
Contacts: Strathbridge Asset Management Inc. Aaron Ho
Vice-President, Finance 416.681.3966; 1.800.725.7172 Strathbridge
Asset Management Inc. 121 King Street West, Suite 2600 Toronto,
Ontario, M5H 3T9info@mulvihill.com www.mulvihill.com
S Split (TSX:SBN)
Historical Stock Chart
From May 2024 to Jun 2024
S Split (TSX:SBN)
Historical Stock Chart
From Jun 2023 to Jun 2024
