Canadian Life Companies Split Corp. Announces Intention to Commence Normal Course Issuer Bid for Preferred and Class A Shares
05 March 2014 - 1:00AM
Marketwired
Canadian Life Companies Split Corp. Announces Intention to Commence
Normal Course Issuer Bid for Preferred and Class A Shares
TORONTO, ONTARIO--(Marketwired - Mar 4, 2014) - Canadian Life
Companies Split Corp. (the "Company") announced that it intends to
launch a Normal Course Issuer Bid (the "NCIB") to purchase its
Preferred Shares and Class A Shares through the facilities of the
Toronto Stock Exchange (the "TSX"), subject to TSX acceptance. The
Company intends to file a notice of intention with the TSX in this
regard.
Pursuant to the
NCIB, the Company proposes to purchase, from time to time, if it is
considered advisable, up to 1,335,444 Preferred Shares and
1,335,444 Class A Shares of the Company, representing approximately
10% of the public float of the Preferred Shares and the Class A
Shares. As of February 24, 2014, there were 13,354,440 Preferred
Shares and 13,354,440 Class A Shares issued and outstanding. The
Company will not purchase, in any given 30-day period, in the
aggregate, more than 267,089 Preferred Shares or more than 267,089
Class A Shares, being approximately 2% of the issued and
outstanding Preferred Shares and Class A Shares as of February 24,
2014. In the previous 12-month period, the Company repurchased
370,100 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.
Canadian Life Companies Split Corp.Investor
Relations416-304-4443 or Toll Free: 1-877-4-Quadra
(1-877-478-2372)www.lifesplit.com
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