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TORONTO, Jan. 25, 2023 (GLOBE NEWSWIRE) -- (TSX: LBS, LBS.PR.A) Life & Banc Split Corp. (the“Company”) is pleased to announce that it has completed a treasury offering of class A shares and preferred shares (the“Class A Shares” and“Preferred Shares”, respectively) for aggregate gross proceeds of approximately $54.7 million. The Class A Shares and Preferred Shares will trade on the Toronto Stock Exchange under the existing symbols LBS (Class A Shares) and LBS.PR.A (Preferred Shares).
The Class A Shares were offered at a price of $9.00 per Class A Share for a distribution rate of 13.3% on the issue price, and the Preferred Shares were offered at a price of $9.85 per Preferred Share for a yield to maturity of 8.0%.(1) The Class A Share and Preferred Share offering prices were determined so as to be non-dilutive to the most recently calculated net asset value per unit of the Company (“Unit”) prior to the date of the offering, as adjusted for dividends and certain expenses to be accrued prior to or upon settlement of the offering.
The syndicate of agents for the offering was led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc., and Scotiabank and included Hampton Securities Limited, Canaccord Genuity Corp., BMO Capital Markets, Raymond James Ltd., TD Securities Inc., iA Private Wealth Inc., Echelon Wealth Partners Inc., Manulife Securities Incorporated, Research Capital Corporation, and Richardson Wealth Limited.
Over the last 10 years, the Class A Shares have delivered a 15.8% per annum total return based on net asset value (“NAV”) and the Preferred Shares have returned 5.2% per annum, as of December 31, 2022.(1)
The Company invests in a portfolio (the“Portfolio”) consisting of common shares of the six largest Canadian banks and the four major publicly traded Canadian life insurance companies:
| Manulife Financial Corporation | Bank of Montreal |
| Sun Life Financial Inc. | The Toronto-Dominion Bank |
| iA Financial Corporation Inc. | National Bank of Canada |
| Royal Bank of Canada | The Bank of Nova Scotia |
| Great-West Lifeco Inc. | Canadian Imperial Bank of Commerce |
About Brompton Funds
Founded in 2000, Brompton is an experienced investment fund manager with income focused investment solutions including exchange-traded funds (ETFs) and other TSX traded investment funds.
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