TORONTO, ONTARIO — (Marketwired) — 11/19/13 — Canadian Life Companies Split Corp (the “Company”) is pleased to declare a $0.60 per year dividend on its Class A shares (TSX: LFE). The dividend provides a current yield of 11.7% based on the November 18th closing price on the TSX. The Class A shares have enjoyed strong capital appreciation this year due to the solid performance of its underlying portfolio. The company-s board of directors will consider further increases to the dividend as the underlying portfolio increases.
The Company may declare monthly dividends on its Class A shares when the undiluted net asset value (NAV) per unit of the Company exceeds $15. The NAV as of November 15, 2013 was $15.33 therefore the Company declares its monthly distribution of $0.05 for each Class A share ($0.60 annually) and $0.05208 for each Preferred share ($0.625 annually). Distributions are payable December 10, 2013 to shareholders on record as of November 29, 2013.
The Company invests in a 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.
Contacts:
Investor Relations
416-304-4443 or Toll Free: 1-877-4-Quadra (1-877-478-2372)