Split Yield plans to redeem all preferred and capital shares Feb. 1

By Ashley Montgomery

Kansas City, Kan., Dec. 6 - Split Yield Corp. will redeem of all of its class I and II preferred shares and all of its capital shares on Feb. 1, 2012, the company said in a news release Tuesday.

The redemption price for the class I preferred shares will be the lesser of $20 and the net assets per unit for the company on the redemption date.

The redemption price for the class II preferred shares will be the difference, if any, between the net assets per unit of the company and $20. A maximum value is set at $15 per share. If the net asset value per unit is below $20 on the redemption date, there will be no payment on the class II preferred shares.

No payment will be made on the capital shares unless the unit value on the redemption date is more than $35.

As of Nov. 30, the value per unit was $17.74. The company said it would calculate a final net asset value on Jan. 31 and use that value to determine redemption prices.

The redemption is required in the company's amended articles of incorporation, the release said.

Split Yield is a mutual fund company managed by Quadravest Capital Management Inc. in Toronto.

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