TORONTO, ONTARIO--(Marketwired - Dec. 3, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Life & Banc Split Corp. (TSX:LBS)(TSX:LBS.PR.A) (the "Company") is pleased to announce that it has completed a treasury offering of 1,568,650 class A shares and 3,290,727 preferred shares for aggregate gross proceeds of approximately $49.4 million. The class A shares and preferred shares will continue to trade on the Toronto Stock Exchange under the existing symbols LBS and LBS.PR.A respectively.
The Company's treasury offering was priced at $10.31 per class A share and $10.09 per preferred share. The final class A share and preferred share offering prices were determined so as to be non-dilutive to the most recent calculated net asset value per unit of the Company on November 21, 2013, as adjusted for dividends and certain expenses accrued prior to or upon settlement of the offering and payment of certain costs of the offering by the Manager.
Life & Banc Split Corp. invests in a portfolio of common shares of the six largest Canadian banks ("Banks") and the four major publicly traded Canadian life insurance companies ("Lifecos"). Currently, the portfolio consists of common shares of the following Banks and Lifecos:
|The Bank of Nova Scotia||Royal Bank of Canada|
|National Bank of Canada||Industrial Alliance Insurance and Financial Services Inc.|
|The Toronto-Dominion Bank||Great-West Lifeco Inc.|
|Canadian Imperial Bank of Commerce||Manulife Financial Corporation|
|Bank of Montreal||Sun Life Financial Inc.|
The syndicate of agents for the offering was led by RBC Capital Markets, CIBC, Scotiabank, and TD Securities Inc., and included BMO Capital Markets, National Bank Financial Inc., GMP Securities L.P., Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc., Dundee Securities Ltd., and Mackie Research Capital Corporation.
About Brompton Funds
Brompton Funds, a division of Brompton Group, is an experienced investment fund manager operating since 2002. Brompton is focused on meeting the needs of investors by offering low cost, innovative products with client friendly terms and supported by strong corporate governance. For further information, please contact your investment advisor, call Brompton's investor relations line at 416-642-6000 / toll-free at 1-866-642-6001/ email firstname.lastname@example.org or visit our website at www.bromptongroup.com.
Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the Company's publicly filed documents which are available from SEDAR at www.sedar.com. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this news release and to other matters identified in public filings relating to the Company, to the future outlook of the Company and anticipated events or results and may include statements regarding the future financial performance of the Company. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.
This offering is only made by prospectus. A prospectus containing important detailed information about the securities being offered has been filed. Copies of the prospectus may be obtained from any of the above-mentioned agents. Investors should read the prospectus before making an investment decision.