Lifeco Split Corporation has announced:
that it is considering the merits of a possible extension of the term of the Capital Shares and the Preferred Shares beyond their scheduled redemption date of July 31, 2010. Lifeco has retained Scotia Capital Inc. to assist in this regard. There is no guarantee that after such review an extension will be proposed or if proposed will be approved by shareholders.
Lifeco is a mutual fund corporation created to hold a portfolio of common shares of selected publicly listed Canadian life insurance companies. Lifeco will generate a fixed quarterly dividend for the Preferred shareholders and provide the Capital shareholders with a leveraged investment, the value of which is linked to changes in the market price of the portfolio shares.
Capital Shares and Preferred Shares of Lifeco are listed for trading on The Toronto Stock Exchange
under the symbols LSC and LSC.PR.C respectively.
Asset coverage is 1.7+:1 according to the company; total asset value is about $32-million.
LSC.PR.C is not tracked by HIMIPref™. LSC.PR.C was last mentioned on PrefBlog when the capital unit dividend was suspended (it has since been reinstated).
This entry was posted on Wednesday, March 24th, 2010 at 6:24 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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LSC.PR.C Considering Extending Term
Lifeco Split Corporation has announced:
Asset coverage is 1.7+:1 according to the company; total asset value is about $32-million.
LSC.PR.C is not tracked by HIMIPref™. LSC.PR.C was last mentioned on PrefBlog when the capital unit dividend was suspended (it has since been reinstated).
This entry was posted on Wednesday, March 24th, 2010 at 6:24 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.