CANADIAN LIFE COMPANIES SPLIT CORP. Announces TSX Acceptance of Normal Course Issuer Bid
TORONTO, May 11, 2020 (GLOBE NEWSWIRE) — Canadian Life Companies Split Corp. (“the Company”) announced today that the Toronto Stock Exchange (the “TSX”) has accepted its notice of intention to make a Normal Course Issuer Bid (the “NCIB”) to purchase its Preferred Shares and Class A Shares through the facilities of the TSX. The NCIB will commence on May 13, 2020 and terminate on May 12, 2021.
Pursuant to the NCIB, the Company proposes to purchase, from time to time, if it is considered advisable, up to 1,332,809 Preferred Shares and 1,273,922 Class A Shares of the Company, representing 10% of the public float of 13,328,094 Preferred Shares and 12,739,222 Class A Shares. As of May 1, 2020, there were 13,410,094 Preferred Shares and 13,410,094 Class A Shares issued and outstanding. Subject to TSX temporary blanket relief, the Company will not purchase, in any given 30-day period, in the aggregate, more than 268,201 Preferred Shares or more than 268,201 Class A Shares, being 2% of the issued and outstanding Preferred Shares and Class A Shares as of May 1, 2020. Under the previous normal course issuer bid that commenced on March 14, 2014 and terminated on March 13, 2015, no purchases of Preferred Shares or Class A Shares were made.The Board of Directors of the Company, on the advice of Quadravest Capital Management Inc., the Company’s investment manager, believes that such purchases are in the best interests of the Company and are a desirable use of its funds. All purchases will be made through the facilities and in accordance with the rules and policies of the TSX. All Preferred Shares or Class A Shares purchased by the Company pursuant to the NCIB will be cancelled.The Company invests in a portfolio of four publicly traded Canadian life insurance companies as follows: Great‐West Lifeco Inc., Industrial Alliance Insurance & Financial Services Inc., Manulife Financial Corporation and Sun Life Financial Inc.Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Company. The forward-looking statements are not historical facts but reflect the Company’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.