Canadian Life Companies Split Corp Financial Results To November 30, 2005.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Life Companies Split Corp. ("CLC (The Computer Language Company Inc.) The publisher of this Encyclopedia. See About this product. Split") announces its annual financial results for the initial period April 18, 2005 to November November: see month. 30, 2005. During the period, CLC Split made distributions at the targeted rate for both the Preferred and Class A shares. The net asset value per unit (one Preferred Share and one Class A share) was $25.28 (after all distributions paid) as at November 30, 2005. The fund's investment objectives are: Preferred Shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. : i. to provide holders of the Preferred Shares with fixed, cumulative preferential pref·er·en·tial adj. 1. Of, relating to, or giving advantage or preference: preferential treatment. 2. monthly cash dividends in the amount of $0.04375 per Preferred Share to yield 5.25% per annum Per annum Yearly. on the original issue price; and ii. on or about December December: see month. 1, 2012 (termination date termination date, n See expiration date. ), to pay the holders of the Preferred Shares the original issue price of those shares. Class A Shares: i. to provide holders of the Class A Shares with regular monthly cash dividends initially targeted to be $0.10 per Class A Share to yield 8.0% per annum on the original issue price; and ii. on or about December 1, 2012 (termination date), to pay the holders of Class A Shares at least the original issue price of those shares. CLC Split invests primarily in a core portfolio of four publicly traded Canadian life insurance companies as follows: Great-West Life, Industrial Alliance, Manulife Financial Manulife Financial (NYSE: MFC, TSX: MFC, SEHK: 945, PSE: MFC), also known as The Manufacturers Life Insurance Company, is a major Canadian insurance company and financial services provider. and Sun Life Financial. Shares held within the portfolio are expected to range between 10-30% in weight but may vary at any time. A limited covered call Covered Call Having a long position in an asset combined with a short position in a call option on the same underlying asset. Notes: This is considered to be one of the safest option positions. writing program is also employed to provide supplementary income to the portfolio. CLC Split audited financial statements for the initial period April 18, 2005 to November 30, 2005 and related notes are attached. AUDITORS' REPORT December 22, 2005 To the Shareholders of Canadian Life Companies Split Corp. We have audited the statement of portfolio investments of Canadian Life Companies Split Corp. (the "Company") as at November 30, 2005, the statement of financial position as at November 30, 2005 and the statements of operations and retained earnings Retained Earnings The percentage of net earnings not paid out in dividends, but retained by the company to be reinvested in its core business or to pay debt. It is recorded under shareholders equity on the balance sheet. , changes in shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. and cash flow for the period from April 18, 2005 (date of commencement) to November 30, 2005. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Canadian generally accepted auditing standards Generally Accepted Auditing Standards, or GAAS, are ten auditing standards, developed by the AICPA, consisting of general standards, standards of field work, and standards of reporting, along with interpretations. . Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement mis·state tr.v. mis·stat·ed, mis·stat·ing, mis·states To state wrongly or falsely. mis·state  ment n. . An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation.In our opinion, these financial statements present fairly, in all material respects, the financial position of the Company as at November 30, 2005 and the results of its operations and cash flow for the period from April 18, 2005 to November 30, 2005 in accordance with Canadian generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . (Signed) PricewaterhouseCoopers LLP LLP - Lower Layer Protocol , Chartered Accountants char·tered accountant n. Chiefly British Abbr. CA A member of one of the institutes of accountants granted a royal charter. , Toronto, Ontario Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891.
FINANCIAL STATEMENTS
Canadian Life Companies Split Corp.
Statement of Financial Position
As at November 30, 2005
November 30, 2005
($)
Assets
Investments - at market value (cost - $188,603,927) 208,570,014
Cash 3,726,181
Interest, dividends and other receivables 904,580
-----------------
Total Assets 213,200,775
-----------------
Liabilities
Fees and other accounts payable 409,167
Accrued performance fee 1,716,409
Distributions payable 1,193,424
Preferred shares (note 3) 83,020,780
-----------------
86,339,780
-----------------
Shareholders' Equity
Class A and Class B shares (note 4) 113,819,566
Retained earnings 13,041,429
-----------------
126,860,995
-----------------
Total Liabilities & Shareholders' Equity 213,200,775
-----------------
-----------------
Number of units (consisting of 1 Preferred Share
and 1 Class A Share) outstanding 8,302,078
Net asset value per unit $25.28
Net asset value per Preferred Share $10.00
Net asset value per Class A Share $15.28
Approved on behalf of the Board of Directors:
(Signed) S. Wayne Finch (Signed) Peter F. Cruickshank
Director Director
The accompanying notes are an integral part of the Company's
financial statements.
Canadian Life Companies Split Corp.
Statement of Operations and Retained Earnings
For the period from April 18 to November 30, 2005
For the period from
April 18, 2005
to November 30, 2005
($)
Income
Dividends (net of foreign withholding taxes - $5,465) 3,243,112
Interest 42,088
-----------
3,285,200
-----------
-----------
Expenses (note 5)
Management fees 1,082,899
Performance fees 1,716,409
Service fees 371,797
Audit fees 15,888
Directors' fees 18,624
Custodian fees 33,655
Shareholder reporting costs 8,494
Other operating expenses 64,386
Goods and services tax 85,535
-----------
3,397,687
-----------
Net investment (loss) before
distributions on Preferred shares (112,487)
Distributions on Preferred shares
(note 3 and 6) (2,704,734)
-----------
Net investment loss for the period (2,817,221)
-----------
Realized and unrealized gain (loss) on investments
and options
Net realized gain on investments and options (note 6) 1,704,134
Change in unrealized appreciation of investments 19,966,087
Change in unrealized depreciation of foreign exchange (116)
-----------
Net gain on investments and options for the period 21,670,105
Increase in net assets from operations for the period 18,852,884
Retained earnings - Beginning of period -
Distributions on Class A shares (note 4 and 6) (5,811,455)
-----------
Retained earnings - End of period 13,041,429
-----------
-----------
Increase in net assets from operations per Class A share $2.27
Canadian Life Companies Split Corp.
Statement of Changes in Shareholders' Equity
For the period from April 18 to November 30, 2005
For the period from
April 18, 2005 to
November 30, 2005
($)
Shareholders' equity - Beginning of period -
Increase in net assets from operations 18,852,884
Gross proceeds from issue of Class A shares 124,531,170
Agents' fees and filing costs in connection
with the initial public offering (10,712,494)
------------
Net proceeds from issue of Class A shares (note 4) 113,818,566
Net proceeds from issue of Class B shares (note 4) 1,000
Distributions on Class A shares
From return of capital (5,811,455)
------------
Decrease in net assets for the period (5,811,455)
------------
Shareholders' equity - End of period 126,860,995
------------
------------
Statement of Cash Flow
For the period from April 18 to November 30, 2005
For the period from
April 18, 2005 to
November 30, 2005
($)
Cash flow from Operating activities
Net investment (loss) (2,817,221)
Proceeds from sale of investments 32,618,489
Purchase of investments (219,518,282)
Net change in receivable balances (904,580)
Net change in payable balances 3,319,000
Change in unrealized depreciation of foreign
exchange (116)
------------
Cash flow from operations (187,302,710)
Cash flow from Shareholder activities
Gross proceeds from the issue of Class A shares
and Preferred shares(a) 207,552,950
Agents' fee and filing fees in connection with
the initial public offering (10,712,494)
Amount paid on redemption of Class A shares -
Distributions on Class A shares (5,811,455)
------------
Cash flow from shareholder activities 191,028,891
Net increase in cash 3,726,181
Cash, beginning of period -
------------
Cash, end of period 3,726,181
------------
------------
(a) Includes 1,000 Class B shares.
Canadian Life Companies Split Corp.
Statement of Portfolio Investments
As at November 30, 2005
Average Market
No. of shares Description Cost ($) value ($)
Canadian Core Common Equities
1,605,500 Great-West Lifeco Inc. 44,136,307 47,362,250
Industrial Alliance Insurance
433,258 & Financial 12,321,390 12,022,910
876,100 Manulife Financial Corporation 51,739,571 58,830,115
1,097,800 Sun Life Financial Inc. 43,818,353 50,883,030
----------- -----------
Total Canadian Core Common
Equities (81.1%) 152,015,621 169,098,305
----------- -----------
----------- -----------
Other Canadian Common Equities
68,300 Bank of Montreal 3,846,378 4,282,410
80,000 Bank of Nova Scotia 3,167,221 3,572,800
Canadian Imperial Bank
182,300 of Commerce 13,346,342 13,707,137
105,000 Royal Bank of Canada 7,842,297 9,347,100
134,000 Toronto-Dominion Bank 6,808,824 8,093,600
----------- -----------
Total Other Canadian Common
Equities (18.7%) 35,011,062 39,003,047
----------- -----------
----------- -----------
Total Canadian Common Equities
(99.8%) 187,026,083 208,101,352
----------- -----------
----------- -----------
Other U.S. Common Equities
35,000 Citigroup Inc. 2,040,086 1,985,662
----------- -----------
Total Other U.S. Equities
(1.0%) 2,040,086 1,985,662
----------- -----------
----------- -----------
Call Options written (100
shares per contract)
Canadian call options written
(Premium
received)
($)
Bank of Montreal, December
(300) 2005 @ $58 (24,150) (169,500)
Bank of Montreal, January 2006
(200) @ $60 (9,788) (66,000)
Canadian Imperial Bank of
(200) Commerce, December 2005 @ $76 (7,900) (16,000)
Manulife Financial,
(1,000) December 2005 @ $62 (117,000) (525,000)
Manulife Financial,
(1,000) December 2005 @ $66 (78,000) (165,000)
Manulife Financial,
(1,000) December 2005 @ $68 (73,000) (57,500)
Royal Bank of Canada,
(400) December 2005 @ $86 (40,800) (158,000)
Sun Life Financial Inc.,
(2,000) December 2005 @ $46 (74,000) (180,000)
Toronto-Dominion Bank,
(400) December 2005 @ $56 (38,204) (180,000)
----------- -----------
Total Canadian call options
written (-0.8%) (462,842) (1,517,000)
----------- -----------
Total Investments (100%) 188,603,927 208,570,014
----------- -----------
----------- -----------
The Statement of Portfolio Investments is at November 30, 2005 and
may or may not be indicative of the current portfolio. Due to tax
considerations, the level of option premiums outstanding at year end
may not be indicative of options outstanding during the year.
Canadian Life Companies Split Corp.
Notes to Financial Statements
For the period from April 18, 2005 to November 30, 2005
1. Incorporation Canadian Life Companies Split Corp. (the "Company") is a mutual fund corporation established under the laws of the Province of Ontario on March 3, 2005 and began investment operations on April 18, 2005. The manager of the Company is Quadravest Inc. (the "Manager") and the investment manager is Quadravest Capital Management Inc. ("Quadravest"). All shares outstanding on December 1, 2012, the termination date of the Company, will be redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. by the Company on that date. 2. Summary of significant accounting policies These financial statements, prepared in accordance with Canadian generally accepted accounting principles, include estimates and assumptions by management that affect the reported amount of assets, liabilities, income and expenses during the reporting periods. The following is a summary of the significant accounting policies followed by the Company. Actual results could differ from these estimates. Valuation of investments Investments are recorded in the financial statements at their market values at the end of the period, determined as follows: - Shares or other securities for which market quotations are readily available are valued at the closing sale price or, if there is no sale price, the average of the closing bid and ask prices. Shares or other securities for which market quotations are not readily available are valued at fair market values as determined by the Manager. - Listed options Listed option An option that has been accepted for trading on an exchange. are valued at market values as reported on recognized exchanges. Over the counter options are valued using an appropriate valuation model. Investment transactions and income recognition - Investment transactions are accounted for on the trade date. - Realized gains Realized Gain A gain resulting from selling an asset at a price higher than the original purchase price. Notes: There may be tax consequences for a realized profit. and losses on investment sales and unrealized appreciation or depreciation in investment values are calculated on the average cost basis. - Option fees paid or received are deferred and included in investments on the statements of financial position. Realized capital gains or losses capital gains or losses n. particularly when calculating the tax liability of an individual or business, this is the difference between the original cost plus the cost of capital improvements, excluding maintenance, called "basis" and the sales price. are recognized in the statements of operations when options are exercised, expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. or are closed out. - Deferred gains and losses on options are recognized in investments and as a component of net unrealized appreciation (depreciation) in the value of investments in shareholders' equity. - Dividend income is recognized on the ex-dividend date Ex-dividend date The first day of trading when the buyer of a stock is no longer entitled to the most recently announced dividend payment ( i.e. the trade will settle the day after the record date, too late for the buyer to appear on the shareholder record and receive the dividend. . Interest income is recognized when earned. - Net realized gains and losses on investments include net realized gains or losses from foreign currency changes. 3. Preferred shares The Company is authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: to issue an unlimited number of Preferred shares.
Issued and outstanding November 30, 2005
8,302,078 Preferred shares $83,020,780
-----------
On April 18, 2005, 8,202,078 Preferred shares were issued at $10 per share. An additional 100,000 Preferred shares were issued for proceeds of $1,000,000. Preferred shares are entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to fixed, cumulative monthly cash dividends of $0.04375 per Preferred share. All Preferred shares outstanding on December 1, 2012 will be redeemed by the Company on that date. For accounting purposes, the Preferred Shares have been presented as liabilities in the financial statements in accordance with Section 3860 of the CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) Handbook
This article is about reference works. For the subnotebook computer, see .
Preferred shares trade under the symbol "LFE LFE Low Frequency Effects LFE Lean Front End (software) LFE Laminar Flow Element LFE Learning From Experience LFE Large Final Emitter (environment) LFE Leicester, Forest, East .PR.A" on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. ("TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension "). Preferred shares trading price Trading price The price at which a security is currently selling. on the TSX was $11.30 as at November 30, 2005. Preferred shares may be surrendered at any time for retraction In the law of Defamation, a formal recanting of the libelous or slanderous material. Retraction is not a defense to defamation, but under certain circumstances, it is admissible in Mitigation of Damages. Cross-references Libel and Slander. at specified spec·i·fy tr.v. spec·i·fied, spec·i·fy·ing, spec·i·fies 1. To state explicitly or in detail: specified the amount needed. 2. To include in a specification. 3. retraction amounts, but will be retracted re·tract v. re·tract·ed, re·tract·ing, re·tracts v.tr. 1. To take back; disavow: refused to retract the statement. 2. only on the last day of each month. Shareholders who concurrently con·cur·rent adj. 1. Happening at the same time as something else. See Synonyms at contemporary. 2. Operating or acting in conjunction with another. 3. Meeting or tending to meet at the same point; convergent. retract TO RETRACT. To withdraw a proposition or offer before it has been accepted. 2. This the party making it has a right to do is long as it has not been accepted; for no principle of law or equity can, under these circumstances, require him to persevere in it. a Preferred share and a Class A share (together, a "unit") in the month of March in each year will be entitled to receive an amount equal to the net asset value per unit on the last day of March. Preferred shares retracted in any other month will receive a retraction price based on a discounted specified retraction formula. The net asset value per unit as at November 30, 2005 was $25.28. Under the terms of a Recirculation Noun 1. recirculation - circulation again circulation - the spread or transmission of something (as news or money) to a wider group or area Agreement, the Company may, but is not obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to, require the Recirculation Agent to use its best efforts to find purchasers for any Preferred shares or Class A shares tendered for retraction. The Preferred shares rank in priority to the Class B shares and the Class B shares rank in priority to the Class A shares with respect to the payment of dividends. Preferred shares rank in priority to the Class B shares and Class B shares rank in priority to the Class A shares upon termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of the Company.
4. Class A shares and Class B shares
Authorized
----------
An unlimited number of Class A shares
1,000 Class B shares
Issued and outstanding November 30, 2005
----------------------
8,302,078 Class A shares $113,818,566
1,000 Class B shares $1,000
------------
$113,819,566
Class A shares were issued at $15 per share. Class A share distributions are targeted at $0.10 per month. All Class A shares outstanding on December 1, 2012 will be redeemed by the Company on that date. Class A shares trade under the symbol "LFE" on the TSX. Class A shares trading price on the TSX was $15.65 as at November 30, 2005. Class A shares may be surrendered at any time for retraction at specified retraction amounts, but will be retracted only on the last day of each month. Shareholders who concurrently retract a Class A share and an Preferred share (together, a "unit") in the month of March in each year will be entitled to receive an amount equal to the net asset value per unit on the last day of March. Class A shares retracted in any other month will receive a retraction price based on a discounted specified retraction formula. The net asset value per unit as at November 30, 2005 was $25.28. Under the terms of a Recirculation Agreement, the Company may, but is not obligated to, require the Recirculation Agent to use its best efforts to find purchasers for any Preferred shares or Class A shares tendered for retraction. The Preferred shares rank in priority to the Class B shares and the Class B shares rank in priority to the Class A shares with respect to the payment of dividends. Upon the termination of the Company, Class A shareholders will receive an amount equal to the net asset value per unit less $10 (the redemption value Redemption Value refers to the value that is placed on a party's head after they wrong you in some way. It is seen as the payment you are willing to make to get justice. of the Preferred shares). On April 18, 2005, the Company issued 8,202,078 Class A shares for gross proceeds of $123,031,170. An additional 100,000 Class A shares were issued on May 4, 2005 for gross proceeds of $1,500,000. Agents' fees of $9,962,604 and filing fees of $750,000 were incurred in connection with this offering. The holders of Class B shares are not entitled to receive dividends. The Class B shares are retractable re·tract v. re·tract·ed, re·tract·ing, re·tracts v.tr. 1. To take back; disavow: refused to retract the statement. 2. at a price of $1.00 per share. Class B shareholders are entitled to one vote per share. On April 18, 2005, the Company issued $1,000 Class B shares to Quadravest for cash consideration of $1,000. 5. Expenses The Company is responsible for all expenses incurred in connection with the operation and administration of the Company, including, but not limited to, ongoing custodian bailee (custodian) n. a person with whom some article is left, usually pursuant to a contract (called a "contract of bailment"), who is responsible for the safe return of the article to the owner when the contract is fulfilled. , transfer agent, legal and audit expenses. Pursuant to the administration agreement, the Manager is entitled to an administration fee payable monthly in arrears Adv. 1. in arrears - in debt; "he fell behind with his mortgage payments"; "a month behind in the rent"; "a company that has been run behindhand for years"; "in arrears with their utility bills" behindhand, behind at an annual rate of 0.20% of the net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. of the Company, which includes the outstanding Preferred shares, calculated as at each monthly valuation date and an amount equal to the service fee payable to dealers on the Class A Shares at a rate of 0.50% per annum. Pursuant to the terms of the investment management agreement, Quadravest is entitled to a base management fee payable in arrears at an annual rate equal to 0.65% of the net assets of the Company, which includes the outstanding Preferred shares calculated as at each monthly valuation date. In addition, Quadravest is entitled to receive a performance fee subject to the achievement of certain pre-established total return thresholds. Total management fees of $1,082,899 incurred during the period include the administration fee and base management fee. The Company achieved a total return of 11.8% on a net asset value per unit basis including distributions. This exceeded the minimum threshold The point at which a signal (voltage, current, etc.) is perceived as valid. return of 7.5% (12% annually) for the 7.5 month period and allowed the investment Manager to earn a performance fee of 20.7 cents per unit. Total brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. commission paid during the year by the Company for its portfolio transactions were $223,085. 6. Distributions The Company's investment objectives are to provide steady monthly distributions to both the Preferred and Class A shareholders while returning the original issue price to each shareholder on the termination date of the Company on December 1, 2012.
Distributions per share were as follows:
November 30, 2005
Preferred shares $0.3258
Class A shares $0.70
7. Income Taxes The Company is a mutual fund corporation as defined in the Income Tax Act (Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of ) (the "Act") and is subject to tax in respect of its net realized capital gains. This tax is refundable Refundable Eligible for refunding under the terms of a bond indenture. in certain circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Also, the Company is generally subject to a tax of 33-1/3% under Part IV of the Act on taxable dividends received in the year. This tax is fully refundable upon payment of sufficient dividends, other than capital gains dividends. The Company is also a financial intermediary Financial Intermediary An institution that acts as the middleman between investors and firms raising funds. Often referred to as financial institutions. Notes: This can include chartered banks, insurance companies, investment dealers, mutual funds, and pension funds. corporation as defined in the Act and, as such, is not subject to tax under Part IV.1 of the Act on dividends received nor is it generally liable liable adj. responsible or obligated. Thus, a person or entity may be liable for damages due to negligence, liable to pay a debt, liable to perform an act for which he/she/it contracted to do, or liable to punishment for commission of a crime. to tax under Part VI.1 on dividends paid on taxable preferred shares. 8. Financial instruments and risk management The fair values of the Company's assets and liabilities are affected by changes in interest rates and equity markets. The Company manages these risks through the use of various risk limits and trading strategies In finance, a trading strategy (see also trading system) is a predefined set of rules to apply. Usually, this refers to a means used to replicate an option in order to give it an arbitrage free value in the sense that the cost of buying some financial assets to give the same . Canadian Life Companies Split Corp. (TSX:LFE) (TSX:LFE.PR.A) |
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