SBN.PR.A Warrant Prospectus Filed

S Split Corp has announced:

that it has filed a final short form prospectus relating to an offering of Warrants to holders of its Class A Shares. Each Class A shareholder of record on August 23, 2010 will receive one Warrant for each Class A Share held.

Each Warrant will entitle its holder to acquire one Class A Share and one Preferred Share upon payment of the subscription price of $19.13.

The Toronto Stock Exchange has conditionally approved the listing of the Warrants under the symbol SBN.WT.A and the Class A Shares and the Preferred Shares issuable upon the exercise thereof. It is expected that the Warrants will commence trading on August 19, 2010 and will remain trading until noon (Toronto time) on the expiry date of January 17, 2011.

The exercise of Warrants by holders will provide the Fund with additional capital that can be used to take advantage of attractive investment opportunities and is also expected to increase the trading liquidity of the Class A Shares and the Preferred Shares and to reduce the management expense ratio of the Fund.

The Fund invests in a portfolio of common shares of The Bank of Nova Scotia.

SBN.PR.A was last mentioned on PrefBlog when they announced that they were going to try again with the warrants. SBN.PR.A is tracked by HIMIPref™, but is relegated to the Scraps index on credit concerns.

Update, 2010-10-9: The warrants have been issued:

Under the warrant offering, the Fund issued one Warrant for each Class A Share of the Fund held by holders of record on August 23, 2010. Each Warrant entitles its holder to acquire one Unit at a subscription price of $19.13 commencing on August 24, 2010 and ending on the expiry date of January 17, 2011. The Warrants trade on the Toronto Stock Exchange under the ticker symbol SBN.WT.A and will continue trading until noon (Toronto time) on the expiry date.

Leave a Reply

You must be logged in to post a comment.