TORONTO, March 19, 2018 (GLOBE NEWSWIRE) -- Partners Value Split Corp. (the “Company”) announced today that the net
asset value per unit was $103.76 at December 31, 2017. All amounts are in US dollars.
Income available for distribution for the year ended December 31, 2017 was $53 million compared to $41 million
in the prior year. The increase in investment income during the period is a result of the spin-off of Trisura Group Ltd.
(“Trisura”) from Brookfield Asset Management Inc. (“Brookfield”), being recognized as a dividend. The shares received as a part of
the spin-off were further issued as a dividend to Partners Value Investments Inc., the sole common shareholder of the Company.
Net asset value per unit consists of one preferred share and one capital share. The net asset value per unit is
posted monthly on our website at www.partnersvaluesplit.com.
STATEMENTS OF COMPREHENSIVE INCOME
As at December 31, 2017 and 2016, and
for the year ended December 31
(USD Thousands) |
|
|
2017 |
|
|
|
2016 |
|
Income |
|
|
|
|
|
|
Investment income |
|
$ |
53,262 |
|
|
$ |
41,693 |
|
Expenses |
|
|
|
|
|
|
Operating |
|
|
(266 |
) |
|
|
(300 |
) |
Income available for distribution |
|
|
52,996 |
|
|
|
41,393 |
|
Distributions paid on senior preferred shares and debentures |
|
|
(23,591 |
) |
|
|
(22,404 |
) |
Income available for distribution to junior preferred and capital
shares |
|
|
29,405 |
|
|
|
18,989 |
|
Amortization of share issuance costs |
|
|
(1,835 |
) |
|
|
(1,457 |
) |
Change in unrealized and realized value of investment |
|
|
843,751 |
|
|
|
72,275 |
|
Unrealized foreign exchange loss |
|
|
(40,807 |
) |
|
|
— |
|
Net income |
|
|
830,514 |
|
|
|
89,807 |
|
Other comprehensive income |
|
|
|
|
|
|
Foreign exchange translation gain |
|
|
— |
|
|
|
57,332 |
|
Comprehensive income |
|
$ |
830,514 |
|
|
$ |
147,139 |
|
Net assets |
|
$ |
2,827,774 |
|
|
$ |
2,037,732 |
|
Quarterly distribution rate per senior preferred share
(C$) |
|
|
|
|
|
|
– Class AA, Series 3 |
|
$ |
0.2719 |
|
|
$ |
0.2719 |
|
– Class AA, Series 5 |
|
|
— |
|
|
|
0.3031 |
|
– Class AA, Series 6 |
|
|
0.2813 |
|
|
|
0.2813 |
|
– Class AA, Series 7 |
|
|
0.3438 |
|
|
|
0.3438 |
|
– Class AA, Series 8 |
|
|
0.3000 |
|
|
|
0.3438 |
|
|
|
|
|
|
|
|
|
|
Partners Value Split Corp. owns 80 million Class A Limited Voting Shares (“Brookfield Shares”) of Brookfield
Asset Management Inc. (“Brookfield”) which generate cash flow through dividend payments that fund quarterly fixed cumulative
preferential dividends for the holders of the Company’s preferred shares, and provide the holders of the Company's capital shares
the opportunity to participate in any capital appreciation of Brookfield Shares.
Brookfield is a global alternative asset manager with over a 100-year history of owning and operating assets
with a focus on property, renewable energy, infrastructure and private equity. Brookfield is co-listed on the New York and Toronto
Stock Exchanges under the symbol BAM and BAM.A, respectively, and on NYSE Euronext under the symbol BAMA.
Chief Executive Officer Appointment
Partners Value Split Corp. is pleased to announce the appointment of Brian D. Lawson as the Chief Executive Officer of the Company,
effective March 20, 2018. Mr. Lawson will be replacing George Myhal who has held the position since 2016.
For further information, contact Investor Relations at ir@pvii.ca or 647-503-6516.
Note: This news release contains “forward-looking information” within the meaning of Canadian provincial
securities laws and regulations. The words “generate” and “enable” and other expressions which are predictions of or indicate
future events, trends or prospects and which do not relate to historical matters identify forward-looking information.
Forward-looking information in this news release includes statements with regard to the generation of cumulative preferential
dividends for the holders of the Company’s preferred shares and potential participation by the holders of the Company’s capital
shares in the capital appreciation of Brookfield Shares.
Although the Company believes that the anticipated future results or achievements expressed or implied by the
forward-looking information and statements are based upon reasonable assumptions and expectations, the reader should not place
undue reliance on the forward-looking information and statements because they involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of the Company to differ materially from anticipated
future results, performance or achievement expressed or implied by such forward-looking information and statements.
Factors that could cause actual results to differ materially from those contemplated or implied by the
forward-looking information and statements include: financial performance of the Brookfield Shares which may result in a decline in
value of the investment portfolio and/or in dividend income from the investment, the behavior of financial markets, including
fluctuations in interest and exchange rates, availability of equity and debt financing and other risks and factors detailed from
time to time in the Company’s other documents filed with the Canadian securities regulators.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. When
relying on our forward-looking information to make decisions with respect to the Company, investors and others should carefully
consider the foregoing factors and other uncertainties and potential events. Except as may be required by law, the Company
undertakes no obligation to publicly update or revise any forward-looking information or statements, whether written or oral, that
may be as a result of new information, future events or otherwise. Reference should be made to the Company’s most recent Annual
Information Form for a description of the major risk factors.
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