World Financial Split Corp. issues warrants
24 Agosto 2010 - 1:48PM
PR Newswire (Canada)
TORONTO, Aug. 24 /CNW/ -- /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./ TORONTO, Aug.
24 /CNW/ - (TSX: WFS; WFS.PR.A) - World Financial Split Corp. (the
"Fund") is pleased to announce that it has issued to holders of its
Class A Shares, Warrants to subscribe for Class A Shares and
Preferred Shares of the Fund together in units ("Units"). 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 $11.43 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 WFS.WT.A and
will continue trading until noon (Toronto time) on the expiry date.
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 that includes common equity securities
selected from the ten largest financial services companies by
market capitalization in each of Canada, the United States and the
rest of the world (the "Portfolio Universe"). In addition, up to
20% of the NAV of the Fund may be invested in common equity
securities of financial services companies that are not in the
Portfolio Universe but meet certain market capitalization and
credit rating thresholds. To generate additional returns above the
distributions earned on its securities, the Fund may, from time to
time, write covered call options in respect of some or all of the
securities in its portfolio. The Fund may also, from time to time,
write cash-covered put options in respect of securities in which
the Fund is permitted to invest. The Fund's investment portfolio is
managed by its investment manager, Mulvihill Capital Management
Inc. John Mulvihill, President and CEO Mulvihill Structured
Products David Roode, President, Fund Services Sheila Szela,
Vice-President, Finance 121 King Street West and CFO Suite 2600
Toronto, Ontario, M5H 3T9 416.681.3966; 1.800.725.7172
www.mulvihill.com info@mulvihill.com A member of the Mulvihill
Capital Management Inc. Group of Funds This offering is only made
by prospectus. The prospectus contains important detailed
information about the securities being offered. Copies of the
prospectus may be obtained from Mulvihill Fund Services Inc. at the
address, telephone numbers, website and e-mail address set forth
above. Investors should read the prospectus before making an
investment decision. Commissions, trailing commissions, management
fees and expenses all may be associated with mutual fund
investments. Please read the prospectus before investing. Mutual
funds are not guaranteed, their values change frequently and past
performance may not be repeated. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
securities in the United States, nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful. The securities of the Fund have not been
registered under the U.S. Securities Act of 1933 or any state
securities laws and may not be offered or sold in the United States
or to a U.S. person absent registration or an applicable exemption
from the registration requirements. Investor Relations at
416.681.3966, toll free at 1.800.725.7172 or visit
www.mulvihill.com
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