Canadian Life Companies Split Corp T.LFE

Alternate Symbol(s): CLSPF | T.LFE.PR.B

The Companys investment objectives are (i) to provide holders of Preferred Shares with fixed cumulative preferential monthly cash dividends in the amount of $0.04375 per Preferred Share to yield 5.25% per annum on the original issue price (ii) to provide holders of Class A Shares with regular monthly cash distributions targeted to be $0.10 per Class A Share to yield 8.0% per annum on the original issue price and (iii) to return the original issue price to holders of both Preferred Shares and Class A Shares at the time of the redemption of such shares on December 1, 2012. The Company will invest primarily in a portfolio of common shares of Proceeds: (the ``Portfolio) which will include the following publicly traded Canadian life insurance companies (the ``Portfolio Companies), each of whose shares will generally represent no less than 10% and no more than 30% of the net asset value (``Net Asset Value) of the Company: Great-West Lifeco Inc.

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Canadian Life Companies Split Corp

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Comment by agent81on Mar 15, 2011 7:32pm

190 Views

Post# 18290419

RE: RE: RE: RE: Beat Up. Why?

I was pretty surprised to see $10.50 for prefs as well. 5K shares traded . Not sure what is going on there. 5x higher than normal volumes today too. For that matter I was even more surprised to see share price of commons back over $6.00 at the end of the day. Luckily we don't have any exposure to US insurers anymore as AFLAC was hit the hardest the last couple days. Regardless I've got NAV at the close between $14.80-$14.92.

Hard to guesstimate weightings and how much cash is actually being generated by the call writing, but 85% sure there will be no dividend announced this week. The only factor that could potentially push NAV over $15.00 this month is if any cash from the rights offering was actually recorded in the last three weeks which at $16.50 +
.25 they are charging per issue would be accretive to NAV at this point.

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