Canadian Life Companies Split Corp.: Financial Results to May 31, 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") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :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 )(TSX:LFE.PR.A) announces its semi-annual financial results for the initial period April 18, 2005 to May 31, 2005. The major investment activity during this initial six week period was to invest the proceeds of the offering in the core four Canadian life insurance stocks - 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. , Great-West Lifeco The Great-West Life Assurance Company (known more commonly as Great-West Life) is a life and health insurance company. Its headquarters is located in Winnipeg, Manitoba, Canada and its CEO is Raymond L. McFeetors. Inc., Sun Life Financial and Industrial Alliance Life Insurance Co. 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 $23.77 (after all distributions paid) as at May 31, 2005.
The fund's investment objectives are:
Preferred Shares:
i. to provide holders of the Preferred Shares with fixed, cumulative
preferential monthly cash dividends in the amount of $0.04375 per
Preferred Share to yield 5.25% per annum on the original issue
price; and
ii. on or about December 1, 2012 (termination 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 $0.10 per Class A Share
to yield 8.0% per annum on the original issue price; and
ii. on or about December 1, 2012 (termination date), to pay the
holders of Class A Shares at least the original issue price of
those shares.
CLC Split invests primarily in a core portfolio of four publicly
traded Canadian life insurance companies as follows:
Great-West Life, Industrial Alliance, Manulife Financial and Sun Life
Financial. Shares held within the portfolio are expected to range
between 10-30% in weight but may vary at any time. A limited covered
call writing program is also employed to provide supplementary income
to the portfolio.
Selected Financial Information from the Semi-Annual Statement of
Financial Operations:
For the period April 18 to May 31 ($ millions)
2005
Income .797
Expenses (.228)
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Net investment income .569
Realized option premiums and gain on sale of investments .031
Change in unrealized appreciation of investments 1.287
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Increase (decrease) in net assets from
operations before distributions 1.887
Canadian Life Companies Split Corp. (TSX:LFE) (TSX:LFE.PR.A) |
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