TORONTO, Feb. 26 /CNW/ - The Board of Directors of Energy Split Corp. II
Inc. (the "Company") today declared a return of capital distribution of
$0.1718 per ROC Preferred Share payable on March 16, 2009 to holders of record
at the close of business on March 10, 2009.
In addition, the Board of Directors of the Company has declared a return
of capital distribution of $0.3200 per Capital Yield Share payable on March
16, 2009 to holders of record at the close of business on March 10, 2009.
Consequently, the twelve month trailing distribution totals $1.5340 per
Capital Yield Share.
The Company also announced that it has revised its Capital Yield Share
distribution policy and starting with the next distribution date on June 16,
2009, has determined that it will not pay a distribution on the Capital Yield
Shares if the Net Asset Value at the time of declaration, after giving effect
to the distribution, would be less than or equal to the original issue price
of the ROC Preferred Shares. In such circumstances, any excess distributions
received on the royalty trust portfolio minus the distributions payable on the
ROC Preferred Shares and all administrative and operating expenses will be
reinvested in short-term debt securities or used to purchase ROC Preferred
Shares in the market for cancellation under a normal course issuer bid.
However, as long as Net Asset Value at the date of declaration exceeds the
original issue price of the ROC Preferred Shares, the Company intends to pay a
distribution on the Capital Yield Shares equal to the excess of the
distributions received on the royalty trust portfolio minus the ROC Preferred
Share distributions and all administrative and operating expenses.
The Company's ongoing dividend policy entitles holders of ROC Preferred
Shares to receive quarterly fixed cumulative distributions equal to $0.1718
per ROC Preferred Share. The Capital Yield Shareholders are provided with a
leveraged play on the yield and price performance from a fixed portfolio
consisting of 16 oil and gas royalty trusts listed on the Toronto Stock
Capital Yield Shares and ROC Preferred Shares of Energy Split Corp. II
Inc. are listed for trading on The Toronto Stock Exchange under the symbols EN
and EN.PR.A respectively.
For further information:
For further information: Investor Relations, Energy Split Corp. II Inc.,
(416) 945-4777, E-mail: email@example.com, Web site: