World Financial Split Corp. files final prospectus for Warrant offering

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Aug. 12 /CNW/ - (TSX: WFS; WFS.PR.A) - World Financial Split Corp. (the "Fund") is pleased to announce that it has filed a final short form prospectus relating to an offering of Warrants to holders of its Class A Shares. Each Class A shareholder of record on August 23, 2010 will receive one Warrant for each Class A Share held.

Each Warrant will entitle its holder to acquire one Class A Share and one Preferred Share upon payment of the subscription price of $11.43.

The Toronto Stock Exchange has conditionally approved the listing of the Warrants under the symbol WFS.WT.A and the Class A Shares and the Preferred Shares issuable upon the exercise thereof. It is expected that the Warrants will commence trading on August 19, 2010 and will remain trading until noon (Toronto time) on the expiry date of January 17, 2011.

The exercise of Warrants by holders will provide the Fund with additional capital that can be used to take advantage of attractive investment opportunities and is also expected to increase the trading liquidity of the Class A Shares and the Preferred Shares and to reduce the management expense ratio of the Fund.

The Fund invests in a portfolio that includes common equity securities selected from the ten largest financial services companies by market capitalization in each of Canada, the United States and the rest of the world (the "Portfolio Universe"). In addition, up to 20% of the NAV of the Fund may be invested in common equity securities of financial services companies that are not in the Portfolio Universe but meet certain market capitalization and credit rating thresholds. To generate additional returns above the distributions earned on its securities, the Fund may, from time to time, write covered call options in respect of some or all of the securities in its portfolio. The Fund may also, from time to time, write cash-covered put options in respect of securities in which the Fund is permitted to invest. The Fund's investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc.

    
    John Mulvihill, President and CEO           Mulvihill Structured Products
    David Roode, President, Fund Services       121 King Street West
    John Germain, Senior Vice-President         Suite 2600
    Sheila Szela, Vice-President, Finance       Toronto, Ontario, M5H 3T9
    and CFO                                     416.681.3966; 1.800.725.7172
                                                www.mulvihill.com
                                                info@mulvihill.com

    A member of the Mulvihill Capital Management Inc. Group of Funds
    

This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from Mulvihill Fund Services Inc. at the address, telephone numbers, website and e-mail address set forth above. Investors should read the prospectus before making an investment decision.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities of the Fund have not been registered under the U.S. Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States or to a U.S. person absent registration or an applicable exemption from the registration requirements.

SOURCE WORLD FINANCIAL SPLIT CORP.

For further information: For further information: Investor Relations at 416.681.3966, toll free at 1.800.725.7172 or visit www.mulvihill.com

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WORLD FINANCIAL SPLIT CORP.

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