/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES/
TORONTO, Aug. 24 /CNW/ - (TSX: SBN; SBN.PR.A) - S Split Corp. (the
"Fund") is pleased to announce that it has issued to holders of its
Class A Shares, Warrants to subscribe for Class A Shares and Preferred
Shares of the Fund together in units ("Units").
Under the warrant offering, the Fund issued one Warrant for each Class A
Share of the Fund held by holders of record on August 23, 2010. Each
Warrant entitles its holder to acquire one Unit at a subscription price
of $19.13 commencing on August 24, 2010 and ending on the expiry date of
January 17, 2011. The Warrants trade on the Toronto Stock Exchange under
the ticker symbol SBN.WT.A and will continue trading until noon (Toronto
time) on the expiry date.
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 of common shares of The Bank of Nova
Scotia. 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
David Roode, President, Fund
Sheila Szela, Vice-President, Finance and CFO
member of the Mulvihill Capital Management Inc. Group of Funds
Mulvihill Structured Products
121 King Street West
Toronto, Ontario, M5H 3T9
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
SOURCE S 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.