S Split Corp. files final prospectus



    TORONTO, April 27 /CNW/ - S Split Corp. (the "Company"), a split share
corporation offering an investment in the common shares of The Bank of Nova
Scotia ("BNS Shares") through its Class A Shares and Preferred Shares (the
"Shares"), is pleased to announce that it has filed and received a receipt for
its final prospectus from the securities regulatory authority in each province
of Canada. The Company's initial public offering of Shares at prices of $15.00
per Class A Share and $10.00 per Preferred Share is expected to close May 17,
2007. The minimum offering size is $65 million and the maximum offering size
is $250 million.
    The Toronto Stock Exchange has conditionally approved the listing of the
Class A Shares under the symbol SBN and the Preferred Shares under the symbol
SBN.PR.A. The Shares are scheduled to commence trading on the day of closing.
    The Company will hold a portfolio of common shares of The Bank of Nova
Scotia ("BNS Shares"). Investors in the Company's Class A Shares will receive
leveraged exposure to the performance of The Bank of Nova Scotia, including
increases or decreases in the value of BNS Shares and increases or decreases
in the dividends paid on BNS Shares. Investors in the Company's Preferred
Shares will receive monthly distributions on a fixed, cumulative and
preferential basis.
    The investment objectives for the Class A Shares are: (i) to provide
holders of Class A Shares with regular monthly cash distributions in an amount
targeted to be 6.00% per annum on the net asset value ("NAV") of the Class A
Shares; and (ii) to provide holders of Class A Shares with the opportunity for
leveraged growth in NAV and distributions per Class A Share.
    The investment objectives for the Preferred Shares are: (i) to provide
holders of Preferred Shares with fixed cumulative preferential monthly cash
distributions in the amount of $0.04375 per Preferred Share ($0.525 per year)
representing a yield on the issue price of the Preferred Shares of 5.25% per
annum; and (ii) to return the issue price of $10.00 per Preferred Share to
holders of Preferred Shares at the time of redemption of such shares on
December 1, 2014.
    The Preferred Shares have been provisionally rated Pfd-2 (low) by
Dominion Bond Rating Service Limited.
    The offering is being made through a syndicate of investment dealers
co-led by RBC Capital Markets, CIBC World Markets Inc. and Scotia Capital
Inc., that includes BMO Capital Markets, TD Securities Inc., National Bank
Financial Inc., HSBC Securities (Canada) Inc., Blackmont Capital Inc.,
Canaccord Adams, Desjardins Securities Inc., Dundee Securities Corporation,
Raymond James Ltd., Berkshire Securities Inc., Richardson Partners Financial
Limited and Wellington West Capital Inc.





For further information:

For further information: John Mulvihill, President and CEO, Don Biggs,
Senior Vice-President, Sheila Szela, Vice-President, Finance and CFO,
Mulvihill Structured Products, A member of the Mulvihill Capital Management
Inc. Group of Funds, 121 King Street West, Suite 2600, Toronto, Ontario, M5H
3T9, (416) 681-3966, (800) 725-7172, www.mulvihill.com, hybrid@mulvihill.com

Organization Profile

S SPLIT CORP.

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