S Split Corp. Announces Year End Results
March 23 2018 - 6:42AM
S Split Corp. (the “Fund”) (TSX:SBN) (TSX:SBN.PR.A) announces
results of operations for the year ended December 31, 2017.
Increase in net assets attributable to holders of Class A shares
amounted to $1.28 million or $1.26 per Class A share. As at
December 31, 2017, net assets attributable to holders of Class A
shares were $9.15 million or $9.35 per Class A share. Cash
distributions to Class A shareholders totaling $0.55 million or
$0.54 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 regular 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 $10.00 per Preferred share to
holders of Preferred shares upon termination of the Fund.
The Fund invests in The Bank of Nova Scotia
(“BNS”) shares.
The Fund employs a proprietary investment
strategy, Strathbridge Selective Overwriting (SSO), to enhance the
income generated by the BNS shares and to reduce volatility.
The Fund’s investment portfolio is managed by
its investment manager, Strathbridge Asset Management Inc. The
Fund’s Preferred and Class A shares are listed on Toronto Stock
Exchange under the symbols SBN.PR.A and
SBN respectively.
Selected Financial Information: ($
Millions) |
|
|
Statement of Financial
Position |
2017 |
As at December 31 |
|
|
|
Assets |
$ |
19.01 |
|
Liabilities (including Redeemable Preferred Shares) |
|
(9.86 |
) |
Net Assets Attributable to Holders |
|
|
|
of Class A Shares |
$ |
9.15 |
|
|
|
|
|
Statement of Comprehensive Income |
|
|
|
For the year ended December 31 |
|
|
|
Income (including Net Gain on Investments) |
$ |
2.43 |
|
Expenses |
|
(0.61 |
) |
Operating Profit |
|
1.82 |
|
Preferred Share Distributions |
|
(0.54 |
) |
Increase in Net Assets Attributable |
|
|
|
to Holders of Class A Shares |
|
1.28 |
|
For further information, please contact Investor Relations at
416.681.3966, toll free at 1.800.725.7172 or visit
www.strathbridge.com.
John Germain, Senior
Vice-President & CFO |
Strathbridge Asset Management Inc.121 King Street
WestSuite 2600Toronto, Ontario, M5H 3T9416.681.3966;
1.800.725.7172www.strathbridge.com info@strathbridge.com |
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