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Brompton Lifeco Split (TSX:LCS) announces successful overnight offering

Finance
TSX:LCS.PR.A
31 March 2022 15:45 (EDT)

Brompton Lifeco Split Corp (LCS) has announced a successful overnight offering. 

The Toronto-based financial investment fund is issuing a combination of class A shares and preferred shares.

It expects gross proceeds from the offering to generate approximately $30 million.

The offering was undertaken by a syndicate of agents, led by RBC Capital Markets and CIBC Capital Markets. The company granted agents an over-allotment option, exercisable for 30 days following the closing date of the offering, to purchase up to an additional 15 percent of the number of Class A Shares and Preferred Shares issued at the closing of the offering.

Over the last 10 years, its Class A Shares have delivered a 31.6 percent per annum total return based on net asset value and the Preferred Shares have returned 5.9 percent per annum. Brompton invests in a portfolio of common shares of the four Canadian life insurance companies on an approximately equal weight basis.

The Class A Share and Preferred Share offering prices were determined so as to be non-dilutive to the most recently calculated net asset value per unit of the company.

Brompton Lifeco Split is down 3.28 percent, trading at $6.49 at 2:44 p.m. ET.

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