TORONTO, July 5, 2012 /CNW/ - The Board of Directors of Lifeco Split Corporation Inc. ("Lifeco") has declared today dividends of $0.3684 per Preferred Share and $0.2 per Capital Share payable on July 31, 2012 to holders of record at the close of business on July 27, 2012.
The Capital Shares and Preferred Shares will be redeemed by the Company on July 31, 2012 (the "Redemption Date") in accordance with the redemption provisions as detailed in the Information circular dated June 15, 2010. Pursuant to these provisions, the Preferred Shares will be redeemed at a price per shares equal to the lesser of $36.84 and the Net Asset Value per Unit. The Capital Shares will be redeemed at a price equal to the amount by which the Net Asset Value per unit exceeds $36.84.
A further press release will be issued by the Company in connection with the redemption prices on July 30, 2012. Payment of the amounts due to holders of Capital Shares and Preferred Shares will be made by the Company on July 31, 2012.
Lifeco is a mutual fund corporation created to hold a portfolio of common shares of selected publicly listed Canadian life insurance companies. Lifeco will generate a fixed quarterly dividend for the Preferred shareholders and provide the Capital shareholders with a leveraged investment, the value of which is linked to changes in the market price of the portfolio shares.
Capital Shares and Preferred Shares of Lifeco are listed for trading on The Toronto Stock Exchange under the symbols LSC and LSC.PR.C respectively.
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