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Life & Banc Split Corp. (T:LBS)

Business Focus: Closed End Funds

Sector:  Financials Industry:  Closed End Funds
 
Company Contact
Address: Suite 2930, 181 Bay Street
TORONTO ON M5J2T3
Tel: N/A
Website: N/A
IR: N/A
Key People
Mark A. Caranci
President, Chief Executive Officer, Director
Ann P. Wong
Chief Financial Officer, Director
Kathryn A. H. Banner
Senior Vice President, Corporate Secretary
Michael D. Clare
Senior Vice President, Senior Portfolio Manager
Christopher Z. Cullen
Senior Vice President
Manith Phanvongsa
Senior Vice President
Laura W. Lau
Chief Investment Officer
Michelle L. Tiraborelli
Vice President
 
Business Overview
Life & Banc Split Corp. (the Fund) is a Canada-based mutual fund company. The Fund's investment objective is to provide holders of Preferred shares with fixed cumulative preferential quarterly cash distributions and to return the original issue price on the maturity date, and to provide holders of Class A shares with regular monthly cash distributions and the opportunity for capital appreciation. To achieve these objectives, the Fund invests in a portfolio comprised of common shares of approximately six Canadian banks and four publicly traded Canadian life insurance companies. The Fund also writes covered call options and cash-covered put options in respect of the portfolio to generate additional distributable income for the Fund and/or to reduce the volatility of the Fund. The Fund's investment manager is Brompton Funds Limited.
Financial Overview
For the fiscal year ended 31 December 2022, Life & Banc Split Corp revenues decreased from C$161.4M to -C$40.2M. Net loss applicable to common stockholders totaled C$64.3M vs. income of C$140.2M. Revenues reflect Unrealized G/L on Investment Securities decrease from C$129.2M to -C$84.4M. Net loss reflects Selling/General/Admin Ex increase of 76% to C$1.8M (expense).
Reporting Currency: Canadian Dollars
Enterprise value: N/A
Annual revenue (TTM): $-40.23M as of Dec 31, 2022
EBITDA (TTM): -$46.51M as of Dec 31, 2022
Net annual income (TTM): -$64.34M as of Dec 31, 2022
Free cash flow (TTM): -$103.80M as of Dec 31, 2022
Net Debt Last Fiscal Year: N/A
Shares outstanding: 41,596,531 as of Mar 7, 2024
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization