- Life & Banc Split Corp (LBS) has completed a treasury offering of Class A shares and preferred shares
- The offering generated gross proceeds of approximately $63.5 million
- The Class A shares and preferred shares will trade on the Toronto Stock Exchange under the existing symbols LBS (Class A shares) and LBS.PR.A (preferred shares)
- The Class A share and preferred share offering prices were determined to be non-dilutive
- Brompton is an investment fund manager
- Shares of Life & Banc Split Corp. (LBS) are down 0.097 per cent, trading at $10.34 at 10 am ET
Life & Banc Split Corp (LBS) has completed a treasury offering of Class A shares and preferred shares.
The offering generated gross proceeds of approximately $63.5 million.
The Class A shares and preferred shares will trade on the Toronto Stock Exchange under the existing symbols LBS (Class A shares) and LBS.PR.A (preferred shares).
The Class A shares were offered at a price of $10.70 per Class A share for a distribution rate of 11.2 per cent on the issue price. The preferred shares were offered at a price of $10.05 per preferred share for a yield to maturity of 5.4 per cent.
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 prior to the date of the offering, as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.
The syndicate of agents for the offering was led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc., and Scotiabank, and included Hampton Securities Limited, Canaccord Genuity Corp., BMO Capital Markets, Raymond James Ltd., TD Securities Inc., iA Private Wealth Inc., Echelon Wealth Partners Inc., Manulife Securities Incorporated, Research Capital Corporation, and Richardson Wealth Limited.
Over the last 10 years, the Class A shares have delivered a 19.7 per cent per annum total return based on net asset value and the preferred shares have returned 5.2 per cent per annum, as of March 31, 2022.
The company invests in a portfolio consisting of common shares of the six largest Canadian banks and the four major publicly traded Canadian life insurance companies.
Brompton is an investment fund manager.
Shares of Life & Banc Split Corp. (LBS) are down 0.097 per cent, trading at $10.34 at 10 am ET.