TORONTO, May 17 /CNW/ - The Board of Directors of SNP Split Corp. (the
"Company") has today declared a cash distribution of US$0.1281 per
Class B Preferred Share consisting of a return of capital on such Class
B Preferred Shares equal to US$0.1281 per share payable on June 3, 2011
to holders of record at the close of business on June 2, 2011.
Holders of Class B Preferred Shares are entitled to receive quarterly
fixed cumulative distributions equal to US$0.1281 per Class B Preferred
Share. Such distributions may consist of ordinary dividends, capital
gains dividends, and/or non-taxable returns of capital.
The Capital Shares and Preferred Shares will be redeemed by the Company
on June 3, 2011 (the "Redemption Date") in accordance with the
redemption provisions of the shares. Pursuant to these provisions, the
Preferred Shares will be redeemed at a price per shares equal to the
lesser of $10.25 and the Net Asset Value per Unit. The Capital Shares
will be redeemed at a price equal to the amount (for every two capital
shares) by which the Net Asset Value per unit exceeds $10.25.
A further press release will be issued by the Company in connection with
the redemption prices on June 2, 2011. Payment of the amounts due to
holders of Capital Shares and Preferred Shares will be made by the
Company on June 3, 2011.
SNP Split Corp. is a mutual fund corporation created to hold a portfolio
of common shares (the "Portfolio Shares") of the companies that make up
the S&P 100 Index. The Company generates quarterly fixed cumulative
preferential distributions for the Class B Preferred Shareholders and
provides the Capital Shareholders with a leveraged investment, the
value of which is linked to changes in the market price of the
Capital Shares and Class B Preferred Shares of SNP Split Corp. are
listed for trading on The Toronto Stock Exchange under the symbols
SNP.U and SNP.PR.V respectively.
SOURCE SNP Split Corp.
For further information:
SNP Split Corp.
Web site: www.scotiamanagedcompanies.com