Quadravest has announced:
Canadian Life Companies Split Corp. (the “Company”) announces a total of 7,129,099 LFE.WT.A 2013 Warrants were exercised at $12.00 each for total gross proceeds of $85,549,188 bringing the Company’s net assets to approximately $190 million.
For every Warrant exercised, holders received one Preferred Share and one Class A Share of the Company. The Warrants expired on March 27, 2013. The net asset value per unit after giving effect to the warrant exercise was $13.03 as at March 28, 2013.
The proceeds from the Warrant exercise are being used by the Company to invest in common shares of four Canadian Life Insurance Companies as follows: Great-West Life, Industrial Alliance, Manulife Financial and Sun Life Financial.
According to their Annual Report to November 30, 2012:
A total of 7,776,613 2013 warrants and 7,776,613 2014 warrants were issued. During 2012, 104,000 2013 warrants were exercised. As at November 30, 2012, there were 7,672,613 2013 warrants and 7,776,613 2014 warrants outstanding.
Additionally, as noted in the post LFE.WT.A Exercise Date Changed, some warrants were exercised prior to the expiry date, but this number has not been released. So the exercise ratio was somewhere between 92% and 100%.
One way or another, the liquidity of LFE.PR.B just got a whole lot better!
[…] Net Assets: Calculation of this figure is complicated by the exercise of warrants. Assets were 148.3-million at May 31 and 103.7-million at November 30. Giving the latter figure […]