SBN.PR.A: Capital Unitholders' Warrants' Prospectus Filed

S Split Corp. has announced:

that it has filed a final short form prospectus relating to an offering of Warrants to holders of Class A Shares of the Fund. Each Class A shareholder of record on November 19, 2009 will receive one Warrant for each Class A Share held. One Warrant will entitle its holder to acquire one Class A Share and one Preferred Share (together, a “Unit”) upon payment of the subscription price of $18.75. The Toronto Stock Exchange has conditionally approved the listing of the Warrants under the symbol SBN.WT and the Class A Shares and the Preferred Shares issuable upon the exercise thereof. It is expected that the Warrants will commence trading on November 17, 2009 and will remain trading until noon (Toronto time) on the expiry date of March 31, 2010.

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 Units had a NAV of 20.14 on November 5. SBN closed today at 8.01-29, 3×11 and SBN.PR.A closed at 10.00-34, 22×1.

SBN.PR.A was last mentioned on PrefBlog when the intent to issue warrants was announced. SBN.PR.A is tracked by HIMIPref™, but is relegated to the Scraps subindex on credit concerns.

One Response to “SBN.PR.A: Capital Unitholders' Warrants' Prospectus Filed”

  1. […] has announced that the SBN.PR.A warrant offering has succeeded in selling slightly under 1.3-million units, for gross proceeds of […]

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