Top 10 Split Trust Announces Year End Results
2012年3月23日 - 10:42PM
Marketwired
Top 10 Split Trust (the "Fund") (TSX:TXT.PR.A)(TSX:TXT.UN)
announces results for the year ended December 31, 2011. The net
decrease in net assets from operations amounted to $(3.2) million
or ($1.83) per Unit. Net assets were $13.77 per Combined Security,
net of distributions to securityholders in the amounts of $0.78 per
Preferred Security and $0.23 per Capital Unit.
The Fund's investment objectives for the Capital Units are (i)
to provide holders of Capital Units, upon redemption, with the
benefit of any capital appreciation in the market price of the
securities in the Financial Portfolio and (ii) to pay quarterly
distributions to holders of Capital Units in an amount targeted to
be 7.5% per annum of the net asset value of the Fund and the Fund's
investment objectives for the Preferred Securities are (i) to pay
holders of Preferred Securities fixed quarterly cash interest
payments of 6.25% per annum on the $12.50 principal amount of a
Preferred Security and (ii) to repay the principal amount of $12.50
per Preferred Security on termination of the Fund on March 31,
2016.
The Fund invests in the six largest Canadian banks and the four
largest Canadian life insurance companies by market
capitalization.
The Fund employs a proprietary investment strategy, Strathbridge
Selective Overwriting ("SSO"), to enhance the income generated by
the Portfolio and to reduce volatility. In addition, the Fund may
write cash covered put options in respect of securities in which it
is permitted to invest.
The Fund's investment portfolio is managed by its investment
manager, Strathbridge Asset Management Inc. The Fund's Preferred
Securities and Capital Units are listed on Toronto Stock Exchange
under the symbols TXT.PR.A and TXT.UN respectively.
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Selected Financial Information: ($ Millions)
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Statement of Net Assets 2011
Assets $ 21.6
Liabilities (19.6)
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Net Assets (Unitholders' Equity) $ 2.0
Statement of Financial Operations
Revenue $ 1.1
Expenses (0.7)
Preferred Security Interest (1.4)
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Net Investment Loss $ (1.0)
Net Loss on Investments (2.2)
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Net Decrease in Net Assets from Operations $ (3.2)
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For further information, please contact Investor Relations at
416.681.3966, toll free at 1.800.725.7172 or visit
www.strahtbridge.com.
Commissions, trailing commissions, management fees and expenses
all may be associated with investment funds. Please read the
prospectus before investing. Investment funds are not guaranteed,
their values change frequently and past performance may not be
repeated.
Contacts: Strathbridge Asset Management Inc. Aaron Ho
Vice-President, Finance 416.681.3966 or 1.800.725.7172 Strathbridge
Asset Management Inc. 121 King Street West, Suite 2600 Toronto,
Ontario, M5H 3T9 416.681.3966 or
1.800.725.7172info@strathbridge.com www.strathbridge.com
Top Ten Split (TSX:TXT.PR.A)
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