PrefBlog

Brompton Group’s Life & Banc Split Corp. has announced:

that it has filed a final prospectus for an offering of warrants to Class A shareholders of the Company. Each Class A shareholder of record on February 22, 2011 will receive one half of one warrant for each Class A share held.

One warrant will entitle the holder to purchase a Unit (consisting of one Class A share and one Preferred share of the Company) upon payment of the subscription price of $18.87, which is the sum of:
a) the most recently calculated NAV per Unit prior to the date of filing the preliminary prospectus; and
b) the estimated per Unit fees and expenses of the offering.

Warrants may be exercised on or before the expiry date of March 24, 2011. The Company has applied to list the warrants on the TSX under the ticker symbol LBS.WT. Warrants will be distributed to client accounts on a best-efforts basis after the February 22, 2011 record date. There is no additional subscription privilege under this offering. A holder of warrants may only subscribe for Units by exercising their warrants by the expiry date. The closing prices on February 9, 2011 for both the Class A shares ($9.96) and Preferred shares ($10.40) amounted to $20.36, which was above the subscription price.

The filing of the preliminary prospectus has been previously reported. LBS.PR.A is tracked by HIMIPref™ but is relegated to the Scraps index on credit concerns.

This entry was posted on Friday, February 11th, 2011 at 5:07 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.