Stock Name: ES
Amount: CAD 0.2363
Announcement Date: 31/08/2011
Record Date: 13/09/2011
Dividend Detail:
TORONTO, Aug. 31, 2011 /CNW/ - The Board of Directors of Energy Split
Corp. Inc. (the "Company") today declared a return of capital
distribution of $0.23625 per Class B Preferred Share payable on
September 16, 2011 to holders of record at the close of business on
September 15, 2011.
In addition, the Board of Directors of the Company has declared a
capital gains distribution of $0.1700 per Capital Yield Share, payable
on September 16, 2011 to holders of record at the close of business on
September 15, 2011.
Holders of Class B Preferred Shares are entitled to receive quarterly
fixed cumulative distributions equal to $0.23625 per Preferred Share.
The Capital Yield Shareholders are provided with a leveraged play on
the yield and price performance from a fixed portfolio consisting of 15
oil and gas royalty trusts listed on the Toronto Stock Exchange. The
Company's Capital Yield Share distribution policy is to pay a quarterly
distribution on the Capital Yield Shares equal to the excess of the
distributions received on the royalty trust portfolio minus the Class B
Preferred Share distributions and all administrative and operating
expenses provided the net asset value per Unit at the time of
declaration, after giving effect to the distribution, would be greater
than the original issue price of the Class B Preferred Shares.
The Capital Yield Shares and Class B Preferred Shares will be redeemed
by the Company on September 16, 2011 in accordance with the redemption
provisions as detailed in the prospectus dated September 7, 2006.
Pursuant to these provisions, the Class B Preferred Shares will be
redeemed at a price per share equal to the lesser of $21.00 and the Net
Asset Value per Unit. The Capital Yield Shares will be redeemed at a
price equal to the amount by which the Net Asset Value per Unit exceeds
$21.00. The Net Asset Value per Unit was $37.74 as at August 30, 2011.
A further press release will be issued by the Company in connection with
the redemption prices on September 15, 2011. Payment of the amounts due
to holders of Capital Yield Shares and Class B Preferred Shares will be
made by the Company on September 16, 2011.
Capital Yield Shares and Class B Preferred Shares of Energy Split Corp.
Inc. are listed for trading on The Toronto Stock Exchange under the
symbols ES and ES.PR.B respectively.
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