S Split Corp. Files Preliminary Prospectus



    TORONTO, April 2 /CNW/ - S Split Corp. (the "Company"), a split share
corporation offering an investment in the common shares of The Bank of Nova
Scotia through its Class A Shares and Preferred Shares (the "Shares"), is
pleased to announce that it has filed and received a receipt for its
preliminary 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 in mid-May 2007.
    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.
    Prospective purchasers may purchase (i) Class A Shares and/or Preferred
Shares by a cash payment, or (ii) either Class A Shares and Preferred Shares
together in Units (each consisting of one Class A Share and one Preferred
Share) or only Class A Shares by an exchange of freely tradeable BNS Shares
(the "Exchange Option"). To utilize the Exchange Option, a prospective
purchaser must deposit (in the form of a book-entry deposit) BNS Shares with
the Company's agent for the Exchange Option, through CDS Clearing and
Depository Services Inc. by no later than 5:00 p.m. (Toronto time) on
April 24, 2007.
    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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