TORONTO, Feb. 26 /CNW/ - The Board of Directors of Energy Split Corp.
Inc. (the "Company") today declared a return of capital distribution of
$0.23625 per Class B 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 capital
gains distribution of $0.60 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 $2.77 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 Class B Preferred Shares. In such circumstances, any excess
distributions received on the royalty trust portfolio minus the distributions
payable on the Class B Preferred Shares and all administrative and operating
expenses will be reinvested in short-term debt securities or used to purchase
Class B 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 Class B 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 Class B
Preferred Share distributions and all administrative and operating expenses.
The Company is a mutual fund corporation created to hold a portfolio
consisting of 18 publicly listed oil and gas royalty trusts. The Company
generates a fixed cumulative preferential tax efficient quarterly distribution
for the Class B Preferred Shareholders and provides the Capital Yield
Shareholders with a leveraged play on the yield and price performance from the
Capital Yield Shares and Class B Preferred Shares of Energy Split Corp.
Inc. are listed for trading on The Toronto Stock Exchange under the symbols ES
and ES.PR.B respectively.
For further information:
For further information: Investor Relations: Energy Split Corp. Inc.,
(416) 945-4870, E-mail: email@example.com, Web site: