SNP Split Corp has announced:
The Capital Shares and Preferred Shares will be redeemed by the Company on June 3, 2011 (the “Redemption Date”) in accordance with the redemption provisions of the shares. Pursuant to these provisions, the Preferred Shares will be redeemed at a price per shares equal to the lesser of $10.25 and the Net Asset Value per Unit. The Capital Shares will be redeemed at a price equal to the amount (for every two capital shares) by which the Net Asset Value per unit exceeds $10.25.
A further press release will be issued by the Company in connection with the redemption prices on June 2, 2011. Payment of the amounts due to holders of Capital Shares and Preferred Shares will be made by the Company on June 3, 2011.
SNP Split Corp. is a mutual fund corporation created to hold a portfolio of common shares (the “Portfolio Shares”) of the companies that make up the S&P 100 Index. The Company generates quarterly fixed cumulative preferential distributions for the Class B Preferred Shareholders and provides the Capital Shareholders with a leveraged investment, the value of which is linked to changes in the market price of the Portfolio Shares.
The NAV is 18.42 as of May 12, so redemption at par sounds like a good bet.
SNP.PR.V was last mentioned on PrefBlog last May, when there was a partial redemption call. SNP.PR.V is not tracked by HIMIPref™.
Update, 2011-6-6: Redeemed:
The Board of Directors of SNP Split Corp. (the “Company”) has today announced that the redemption prices for all outstanding Capital Shares and Preferred Shares to be paid on June 3, 2011 are as follows:
Redemption Price per Preferred Share: US$10.25
Redemption Price per Capital Share: US$3.9418