Brompton Group has announced (on 2026-11-2 as a correction to an initial try on 2026-10-29; it’s not yet referenced on their very difficult to find press release page, on which none of the links work. It’s all very confusing):
In a news release disseminated on October 29, 2026, there was a typographical error. The reference to “The class A shares are expected to commence trading on an ex-split basis at the opening of trading on November 11, 2026.” should have read “The class A shares are expected to commence trading on an ex-split basis at the opening of trading on November 10, 2026.” No other changes were made. The corrected release follows:
…
Life & Banc Split Corp. (TSX: LBS) (TSX: LBS.PR.A) (the “Fund”) is pleased to announce its intention to complete a stock split of its class A shares (the “Share Split”) due to the Fund’s continuing strong performance. Class A shareholders of record at the close of business on November 11, 2026 will receive 12 additional class A shares for every 100 class A shares held, pursuant to the Share Split, on November 12, 2026. The Share Split is subject to the approval of the Toronto Stock Exchange (the “TSX”).Class A shareholders will continue to receive regular monthly cash distributions targeted to be $0.10 per class A share following the Share Split. As a result, the total dollar amount of distributions to be paid to class A shareholders is expected to increase by approximately 12%. The Fund provides a distribution reinvestment plan, on a commission-free basis for class A shareholders that wish to reinvest distributions and realize the benefits of compound growth.
Over the last 10 years, the class A shares have delivered a 24.8% per annum total return based on net asset value, significantly outperforming both the S&P/TSX Capped Financials Total Return Index by 9.4% per annum and the S&P/TSX Composite Total Return Index by 12.4% per annum.(1) Since inception, class A shareholders have received cash distributions of $22.15 per share.
Based on the most recently calculated net asset value per unit of the Fund on October 22, 2026, as adjusted for the Share Split, the preferred shares of the Fund are expected to have downside protection from a decline in the value of the Fund’s portfolio of approximately 56%.
The class A shares are expected to commence trading on an ex-split basis at the opening of trading on November 10, 2026. No fractional class A shares will be issued and the number of class A shares each holder shall receive will be rounded down to the nearest whole number. The Share Split is a non-taxable event.
The Fund invests on an approximately equally weighted basis in a portfolio consisting of common shares of the six largest Canadian banks and the four major publicly traded Canadian life insurance companies:
Bank of Montreal Great-West Lifeco Inc. National Bank of Canada The Bank of Nova Scotia Canadian Imperial Bank of Commerce Royal Bank of Canada iA Financial Corporation Inc. The Toronto-Dominion Bank Sun Life Financial Inc. Manulife Financial Corporation
Thanks to Assiduous Reader Newbiepref for bringing this to my attention!