The Toronto Stock Exchange reports that Life & Banc Split Corp.'s board of directors has approved an extension of the maturity date of the Class A shares and preferred shares of the fund for an additional five-year term to Oct. 30, 2028.

According to the TSX, the holders of the Class A shares and preferred shares of the fund can elect to have their shares retracted for a cash amount equal to:

• For Class A shares, the greater of: (i) the net asset value per unit (meaning a notional unit consisting of one Class A share and one preferred share) on that date minus the sum of $10, plus any accrued and unpaid distributions on the preferred shares; and (ii) nil;
• For preferred shares, the lesser of: (i) $10, plus any accrued and unpaid distributions thereon; and (ii) the net asset value of the fund on that date divided by the number of preferred shares then outstanding.

The election deadline is 5 p.m. Toronto time on Sept. 29, 2023. Trades on Sept. 28, 2023, will settle on Sept. 29, 2023, and trades from 9:30 a.m. Toronto time to 12 p.m. Toronto time on Sept. 29, 2023, will settle for cash on the same day.

As the Class A shares and preferred shares of the fund were issued in book-entry-only form and are held through CDS Clearing and Depository Services Inc., the exact procedure for electing the special retraction right will be as determined by the broker, dealer, bank, trust company or other nominee through which the shareholder holds shares. Shareholders should contact their broker, dealer, bank, trust company or other nominee as soon as possible to confirm their deadline and for instructions on how to exercise the special retraction right, if they desire to do so. Shareholders who do not elect to exercise their special retraction right prior to the deadline set by their broker, dealer, bank, trust company or other nominee will retain their investment in the fund.

The TSX notes that in order to maintain the same number of Class A shares and preferred shares outstanding, the fund may redeem the Class A shares or preferred shares on a pro rata basis to the extent that more preferred shares than Class A shares or more Class A shares than preferred shares, as the case may be, are retracted under the special retraction right. The TSX will issue a further bulletin if the fund is to redeem preferred shares or Class A shares.

For more information, see the fund's news releases dated April 4, 2023, and Aug. 28, 2023.