Life & Banc Split Corp. Completes Treasury Offering

Not for distribution to U.S. newswire services or for dissemination in the United States.

TORONTO, April 25, 2024 (GLOBE NEWSWIRE) -- (TSX: LBS, LBS.PR.A) Life & Banc Split Corp. (the “Fund”) is pleased to announce that it has completed a treasury offering of class A shares and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively) for aggregate gross proceeds of $27.9 million. The Class A Shares and Preferred Shares will trade on the Toronto Stock Exchange (“TSX”) under the existing symbols LBS (Class A Shares) and LBS.PR.A (Preferred Shares).

The Class A Shares were offered at a price of $7.65 per Class A Share for a distribution rate of 15.7% on the issue price, and the Preferred Shares were offered at a price of $10.00 per Preferred Share for a yield to maturity of 7.4%.⁽¹⁾

The syndicate of agents for the offering was led by RBC Capital Markets, CIBC Capital Markets, National Bank Financial Inc., and Scotiabank and included Hampton Securities Limited, Canaccord Genuity Corp., BMO Capital Markets, Raymond James Ltd., TD Securities Inc., iA Private Wealth Inc., Echelon Wealth Partners Inc., Manulife Wealth Inc., Research Capital Corporation, Richardson Wealth Limited, and Wellington-Altus Private Wealth Inc.

The Fund invests in a portfolio consisting of common shares of the six largest Canadian banks and the four major publicly traded Canadian life insurance companies:

Bank of Montreal	Great-West Lifeco Inc.
National Bank of Canada	The Bank of Nova Scotia
Canadian Imperial Bank of Commerce	Royal Bank of Canada
iA Financial Corporation Inc.	The Toronto-Dominion Bank
Sun Life Financial Inc.	Manulife Financial Corporation

About Brompton Funds

Founded in 2000, Brompton is an experienced investment fund manager with income focused investment solutions including exchange-traded funds (ETFs) and other TSX traded investment funds. For further information, please contact your investment advisor, call Brompton’s investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email [e-mail] or visit our website at www.bromptongroup.com.

⁽¹⁾ See Performance table below. Yield to maturity for the Preferred Share is based on maturity date of October 30, 2028.

You will usually pay brokerage fees to your dealer if you purchase or sell shares of the Fund on the TSX or other alternative Canadian trading system (an “exchange”). If the shares are purchased or sold on an exchange, investors may pay more than the current net asset value when buying shares of the Fund and may receive less than the current net asset value when selling them.