- Life & Banc Split (LBS) completes treasury offering of class A and preferred shares for around $43 million
- The shares will trade on the TSX under the existing LBS and LBS.PR.A symbols
- The class A shares were $8.65 at a distribution rate of 13.9 per cent and the preferred shares were listed at $10 for a yield to maturity of 15.6 per cent
- Over the past 10 years, the class A shares were delivered at an 18.8 per cent per annum total return based on net asset value
- Life & Banc Split Corp was up 0.48 per cent, trading at $8.45 at 1:27 pm EST
Life & Banc Split (LBS) has completed a treasury offering of class A and preferred shares for around $43 million.
Class A and preferred shares will trade on the TSX under the existing symbols LBS and LBS.PR.A.
The class A shares were offered at $8.65 for a distribution rate of 13.9 per cent on the issue price, and the preferred shares were offered for $10.00 per, for a yield to maturity of 5.6 per cent.
The class A share and preferred share offering prices were determined to be non-dilutive to the most recently calculated net asset value per unit of the company before the offering, as adjusted for dividends and certain expenses to be accrued before or upon settlement of the offering.
Over the last 10 years, the class A shares have delivered an 18.8 per cent per annum total return based on net asset value, while the preferred shares have returned 5.2 per cent per annum as of June 30 of this year.
The company invests in a portfolio of common shares of the six largest Canadian banks and the four major publicly traded Canadian life insurance companies. Linked with Life & Blanc are Manulife Financial, Sun Life Financial, iA Financial, Royal Bank, Bank of Montreal, and TD Bank.
Founded in 2000, Brompton is an experienced investment fund manager with income-focused investment solutions, including exchange-traded funds (ETFs) and other TSX-traded investment funds.
Life & Banc Split Corp was up 0.48 per cent, trading at $8.45 at 1:27 pm EST.