OVERVIEW
CORE HOLDINGS
M-Split Corp. is an investment corporation designed to provide investors with exposure to Manulife Financial Corp. The corporation offers three types of shares, a Capital share (XMF.A), a Class I Preferred (XMF.PR.B) and a Class II Preferred (XMF.PR.C).
Manulife Financial Corporation
OBJECTIVES
SHARE HIGHLIGHTS
Class I Preferred Shares (XMF.PR.B):
(i) to provide holders of the Class I Preferred Shares with fixed cumulative preferential monthly cash dividends in the amount of $0.03125 per share to yield 7.50% annually on the Repayment Amount of $5.00; and
(ii) on or about the termination date of December 1, 2029 (subject to further 5 year extensions thereafter), to pay the holders of the Class I Preferred Shares $5.00 per Class I Preferred Share
Class II Preferred Shares (XMF.PR.C):
(i) to provide holders of the Class II Preferred Shares with fixed cumulative preferential monthly cash dividends in the amount of $0.03125 per share to yield 7.50% per annum on the Repayment Amount of $5.00, if and when the net asset value per Unit exceeds $10.00; and
(ii) on or about the termination date of December 1, 2029 (subject to further 5 year extensions thereafter), to pay the holders of the Class II Preferred Shares $5.00 per Class II Preferred Share
Capital Shares (XMF.A):
(i) to provide holders of Capital Shares with dividends in an amount to be set by the Board of Directors of the Company at its discretion, based on market conditions, if and when the net asset value per Unit exceeds $15.00; and
(ii) to permit holders of Capital Shares to participate in all growth in the net asset value of the Company above $10.00 per Unit
Class I Preferred Share (XMF.PR.B)
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Fixed, cumulative monthly distributions*
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Quality investment in a leading Global Financial Institution
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Attractive alternative to other income vehicles
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Tax efficient distributions
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Strong downside protection and asset coverage
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Non-Callable before termination
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Class II Preferred Share (XMF.PR.C)
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Monthly distributions* if and when NAV exceeds $10.00 per unit
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Quality investment in a leading Global Financial Institution
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Attractive alternative to other income vehicles
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Tax efficient distributions
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Non-Callable before termination
Capital Share (XMF.A)
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Monthly distributions* if and when NAV exceeds $15.00 per unit
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Quality investment in a leading Global Financial Institution
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Capital appreciation potential
*For the purposes of the Income Tax Act (Canada) and any similar provincial legislation, the Company designates any and all dividends paid on its Class A and Preferred shares as “eligible dividends” unless the Company indicates otherwise.
TOP HOLDINGS
VALUATION
Common Shares:
Manulife Financial Corporation
April 15, 2024
NAV Pre-Distribution: $7.52
Distribution: $0.00
NAV Net of Distribution: $7.52
NAV + Total Distributions Paid to Date: $14.64