S Split Corp. Announces Semi-Annual Results
August 23 2021 - 4:01PM
(TSX: SBN; SBN.PR.A) S Split Corp. announces
results of operations for the six months ended June 30, 2021.
Increase in net assets attributable to holders of Class A shares
amounted to $1.90 million or $2.32 per Class A share. Net assets
attributable to holders of Class A shares as at June 30, 2021 were
$5.70 million or $6.94 per Class A share. Cash distributions of
$0.10 per Class A share and $0.26 per Preferred Share were paid
during the period.
The investment objectives for the Preferred Shares are: (i) to
provide holders of Preferred Shares with fixed cumulative
preferential monthly cash distributions in the amount of $0.04375
per Preferred Share ($0.525 per year) representing a yield on the
issue price of the Preferred Shares of 5.25% per annum; and (ii) to
return the issue price of $10.00 per Preferred Share to holders of
Preferred Shares upon termination of the Fund.
The investment objectives for the Class A Shares are: (i) to
provide holders of Class A Shares with regular monthly cash
distributions in an amount targeted to be 6.00% per annum on the
net asset value (“NAV”) of the Class A Shares; and (ii) to provide
holders of Class A Shares with the opportunity for leveraged growth
in NAV and distributions per Class A Share.
The Fund invests in the common shares of the Bank of Nova Scotia
(“BNS”) and employs a proprietary investment strategy, Strathbridge
Selective Overwriting (“SSO”), to enhance the income generated by
the BNS shares and to reduce volatility. In addition,
the Fund may write cash covered put options in respect of
securities in which it is permitted to invest.
The Fund’s investment portfolio is managed by its investment
manager, Strathbridge Asset Management Inc. The Fund’s Class A and
Preferred shares are listed on Toronto Stock Exchange under the
symbols SBN and SBN.PR.A respectively.
Selected Financial Information : ($ Millions) |
|
|
|
|
|
|
|
|
|
|
|
Statement of Comprehensive Income |
|
|
|
|
|
For the six months ended June 30, 2021 |
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Income (including Net Gain on Investments) |
$ |
2.38 |
|
|
|
Expenses |
|
(0.26 |
) |
|
|
Operating Profit |
|
2.12 |
|
|
|
Preferred Share Distributions |
|
(0.22 |
) |
|
|
|
|
|
|
|
|
Increase in Net Assets Attributable |
|
|
|
|
|
to Holders of Class A Shares |
$ |
1.90 |
|
|
|
For further information, please contact Investor Relations at
416.681.3966, toll free at 1.800.725.7172 or visit
www.strathbridge.com.
John Germain, Senior Vice-President & CFO |
Strathbridge Asset Management Inc. |
|
121 King
Street West |
|
Suite
2600 |
|
Toronto,
Ontario, M5H 3T9 |
|
416.681.3966; 1.800.725.7172 |
|
www.mulvihill.com |
|
info@mulvihill.com |
Commissions, trailing commissions, management fees and expenses
all may be associated with investment funds. Please read the
prospectus before investing. Investment funds are not guaranteed,
their values change frequently and past performance may not be
repeated.
S Split (TSX:SBN)
Historical Stock Chart
From Jul 2024 to Aug 2024
S Split (TSX:SBN)
Historical Stock Chart
From Aug 2023 to Aug 2024