Lifeco Split Corporation Inc., a split-share company, has completed its $175,280,000 initial public offering issuing 8 million capital shares and 4 million preferred shares. Lifeco Split holds a portfolio of common shares of the six publicly traded Canadian insurance companies. Lifeco Split enables the holders of its capital shares to receive a leveraged equity play in the life insurance industry following the recent demutualizations and enables the holders of its preferred shares to receive a fixed annual 6 per cent dividend. The capital shares and preferred shares of Lifeco Split trade on The Toronto Stock Exchange.
Fasken Martineau DuMoulin LLP acted for Lifeco Split and the underwriting syndicate led by Scotia Capital Inc. on the deal. The team of lawyers were Joel Binder, Nigel Johnston, and Jodi Katz of the Toronto office in concert with Montreal office colleagues Peter Villani and Claude Auger.