S Split Corp. Announces Year End Results
22 March 2014 - 7:03AM
Marketwired
S Split Corp. Announces Year End Results
TORONTO, ONTARIO--(Marketwired - Mar 21, 2014) - S Split Corp.
(the "Fund") (TSX:SBN)(TSX:SBN.PR.A) announces results of
operations for the year ended December 31, 2013. Net income for the
year amounted to $6.6 million or $2.05 per Class A share. Net
assets per Unit were $19.85, net of distributions of $0.50 per
Class A share and $0.53 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 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
$10.00 per Preferred Share to holders of Preferred Shares at the
time of redemption of such shares on December 1, 2014.
The Fund invests in
The Bank of Nova Scotia ("BNS") shares.
The Fund employs a
proprietary investment strategy, Strathbridge Selective Overwriting
("SSO"), to enhance the income generated by the BNS shares and to
reduce volatility. In addition, the Fund may write cash covered put
options in respect of securities in which it is permitted to
invest.
The Fund's
investment portfolio is managed by its investment manager,
Strathbridge Asset Management Inc. The Fund's Preferred and Class A
shares are listed on Toronto Stock Exchange under the symbols
SBN.PR.A and SBN respectively.
Selected Financial Information : ($ Millions) |
|
Statement of Financial Position |
|
2013 |
|
Assets |
$ |
62.0 |
|
Liabilities (including redeemable Preferred Shares) |
|
(31.3 |
) |
Equity |
$ |
30.7 |
|
|
|
Statement of Operations |
|
|
|
Revenue |
$ |
1.8 |
|
Expenses |
|
(1.4 |
) |
Preferred Share Distributions |
|
(1.7 |
) |
Net Investment Loss |
$ |
(1.3 |
) |
Net Gain on Investments |
|
7.9 |
|
Net Income |
$ |
6.6 |
|
Aaron Ho, Vice-President, Finance
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.
Strathbridge Asset Management Inc.416.681.3966;
1.800.725.7172info@strathbridge.comwww.strathbridge.com
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