S Split Corp. Announces Normal Course Issuer Bid


    TORONTO, Aug. 18 /CNW/ - S Split Corp. (the "Fund") is pleased to
announce that today, the Toronto Stock Exchange has accepted its Notice of
Intention to make a normal course issuer bid. The Fund will have the right to
purchase under the bid up to a maximum of 383,350 Class A Shares and 383,350
Preferred Shares (respectively representing approximately 10% of the Fund's
public float of 3,833,500 Class A Shares and 3,833,500 Preferred Shares, both
as of August 13, 2009), together in units (each consisting of one Class A
Share and one Preferred Share), commencing August 20, 2009. The Fund may not
purchase more than 76,670 of its units (representing approximately 2% of the
Fund's 3,833,500 issued and outstanding Class A Shares and approximately 2% of
the Fund's 3,833,500 issued and outstanding Preferred Shares, both as of
August 13, 2009) in any 30-day period under the bid. Purchases made pursuant
to the normal course issuer bid will be made in the open market through the
facilities of the Toronto Stock Exchange. The normal course issuer bid will
remain in effect until the earlier of August 19, 2010, the termination of the
bid by the Fund or the Fund purchasing the maximum number of units permitted
under the bid. Class A Shares and Preferred Shares purchased by the Fund
pursuant to the issuer bid will be cancelled. The Fund has not purchased any
Class A Shares or Preferred Shares during the previous year pursuant to any
issuer bid.
    Directors of the Fund believe that units of the Fund may become available
during the proposed purchase period at prices that would make such purchases
in the best interests of the Fund.
    The Fund's investment portfolio is managed by its investment manager,
Mulvihill Capital Management Inc. The Fund's Class A Shares and Preferred
Shares are listed on the Toronto Stock Exchange under the symbols SBN.PR.A and
SBN respectively.

For further information:

For further information: John Mulvihill, President & CEO, John Germain,
Senior Vice President, Mulvihill Structured Products, S Split Corp., 121 King
Street West, Suite 2600, Toronto, Ontario, M5H 3T9, (416) 681-3966, (800)
725-7172, www.mulvihill.com, hybrid@mulvihill.com

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