Canadian Life Companies Split Corp. Elevates Preferred Shares Rate
Canadian Life Companies Split Corp. Announces Preferred Share Increase
Canadian Life Companies Split Corp. is excited to share news of an increased preferred share dividend rate that will take effect on December 1, 2024. As the company transitions into a new six-year term, shareholders can expect a payment benchmark of 7.00%, up from the previous 6.50%, while also having the option for Prime plus 2%, with the maximum reaching 9.00%, an increase from 8.00%. This adjustment translates into a potential annual gain of $0.10 from the prior highest rate. Notably, preferred shareholders have seen a cumulative distribution of $11.82 per share since the company's inception.
Important Details About the Dividend Policy
The dividend policy for Class A Shares remains unchanged, maintaining a targeted rate of $0.10 monthly, equating to $1.20 annually. This consistent payout strategy reflects the company’s commitment to providing value to its shareholders.
Extension of Term Confirmation
Alongside the exciting news of the preferred share dividend rate increase, the company also announced an extension of its termination date. The new date will now stretch from December 1, 2024, to December 1, 2030. For shareholders who might be considering their options regarding this term extension, the company has introduced an additional retraction right. This feature allows shareholders who wish to opt-out, to tender one or both classes of shares and receive a retraction price based on the net asset value per unit calculated as of November 29, 2024. Alternatively, shareholders can choose to sell their shares at the market price, which may exceed the retraction price, or simply continue holding their shares without any action.
Diverse Investment Portfolio
Canadian Life Companies Split Corp. strategically invests in a diversified portfolio comprising four prominent publicly traded Canadian life insurance companies. The portfolio includes Great-West Lifeco Inc., Industrial Alliance Insurance & Financial Services Inc., Manulife Financial Corporation, and Sun Life Financial Inc. This diversified approach not only mitigates risk but also positions the company for sustainable growth and reliable earnings for its shareholders.
Understanding Forward-Looking Statements
The communications released by the company may contain forward-looking statements. These are indicators of the company’s expectations regarding future outcomes and are expressed with terms such as “expect,” “intend,” and “will.” These statements, however, should be interpreted with caution due to the uncertainties and potential risks involved. It’s essential for investors to consider that actual outcomes may differ significantly from those projected.
Contact Information
For any inquiries or more detailed discussions about the offerings, interested parties can contact the investor relations team at 1-877-478-2372 or locally at 416-304-4443. For further information about the company, visit the official website.
Frequently Asked Questions
What is the new preferred share dividend rate?
The new preferred share dividend rate is now set at a minimum of 7.00%, an increase from the previous 6.50%.
How often do preferred shareholders receive dividends?
Preferred shareholders receive monthly dividends, specifically targeted at $0.10 per month or $1.20 annually.
What is the significance of the term extension?
The term extension allows shareholders to reassess their investments while providing an option to withdraw or continue holding their shares until 2030.
Which companies are included in the investment portfolio?
The portfolio includes four significant companies: Great-West Lifeco Inc., Industrial Alliance Insurance & Financial Services Inc., Manulife Financial Corporation, and Sun Life Financial Inc.
Where can investors find more information about the company?
Investors can access additional information through the company's official website and by reaching out to the investor relations team.
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