{"id":25478,"date":"2014-06-05T22:58:16","date_gmt":"2014-06-06T03:58:16","guid":{"rendered":"http:\/\/prefblog.com\/?p=25478"},"modified":"2014-06-05T22:58:16","modified_gmt":"2014-06-06T03:58:16","slug":"lfe-wt-b-exercised-in-full-lfe-pr-b-gets-bigger","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=25478","title":{"rendered":"LFE.WT.B Exercised In Full; LFE.PR.B Gets Bigger"},"content":{"rendered":"<p>Canadian Life Companies Split Corp <a href=\"http:\/\/lifesplit.com\/pdf\/LFE%20June4.14-WarrantExercise.pdf\">has announced<\/a>:<\/p>\n<blockquote><p>all LFE.WT.B 2014 warrants were exercised for total gross proceeds of $97.9 million bringing the Company\u2019s net assets to approximately $229.1 million. For every warrant exercised, holders received one Preferred Share and one Class A Share of the Company. The warrants expired on June 2, 2014. The proceeds from the warrant exercise are being used by the Company to invest in a portfolio of four publicly traded Canadian life insurance companies as follows: Great-West Lifeco Inc., Industrial Alliance Insurance &#038; Financial Services Inc., Manulife Financial Corporation and Sun Life Financial Inc.<\/p><\/blockquote>\n<p>As discussed at the time of the <a href=\"http:\/\/prefblog.com\/?p=19028\">2012 reorganization<\/a>, those who surrendered one LFE.WT.B and $12.60 received one LFE and one LFE.PR.B. Exercise was firmly in the money at the time of warrant expiry 2014-6-2.<\/p>\n<p>Given the <a href=\"http:\/\/lifesplit.com\/valuations.html\">May 30 NAV of about $13.74<\/a> after dilution from the warrants and payment of exercise fees to the brokers, The Net Assets of $229.1-million imply there are now 16.67-million units outstanding, a healthy increase from the <a href=\"http:\/\/lifesplit.com\/pdf\/LFE_AR13_cd19.pdf\">12.49-million outstanding 2013-11-30 and 13.14-million outstanding 2014-1-31<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian Life Companies Split Corp has announced: all LFE.WT.B 2014 warrants were exercised for total gross proceeds of $97.9 million bringing the Company\u2019s net assets to approximately $229.1 million. For every warrant exercised, holders received &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-25478","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25478"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25478\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}