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Global Champions Split Corp. Announces 2017 Annual Results

TORONTO, March 19, 2018 (GLOBE NEWSWIRE) -- Global Champions Split Corp. (“Global Champions” or the “Company”) announced today that its net assets per unit, as determined for financial reporting purposes, was $63.16 at December 31, 2017.

The Company’s investments at fair value and net assets were $131 million and $87 million, respectively, as at December 31, 2017 compared to $112 million and $71 million on December 31, 2016. Net assets per unit consists of one preferred share and one capital share. The net asset value per unit, as determined for retraction purposes, is posted daily on our website at www.globalchampions.com.                                                             

STATEMENT OF COMPREHENSIVE INCOME

As at December 31, 2017, and 2016, and for the years ended December 31
(Thousands of US dollars)
    2017       2016  
Income            
Dividend income   $  3,836     $  3,775  
Other investment income      (2 )      (216 )
       3,834        3,559  
Expenses            
Management fees      (48 )      (33 )
Operating costs      (122 )      (155 )
Current income taxes on net investment income      (1,447 )      (1,332 )
       (1,617 )      (1,520 )
Income available for distribution      2,217        2,039  
Distributions paid on preferred shares      (1,556 )      (1,524 )
Income available for distribution to capital shares      661        515  
Amortization of share issuance costs      (276 )      (268 )
Current income taxes on realized investments and derivatives      (1,245 )      (351 )
Deferred income taxes      383        (1,050 )
Change in unrealized value of investments      17,275        7,768  
Change in realized and unrealized value of foreign currency derivatives      249        3,712  
Unrealized foreign exchange gain (loss)      (878 )      (4,528 )
Comprehensive income   $  16,169     $  5,798  
Net assets   $ 87,009     $ 70,840  

Global Champions Split Corp. is an investment fund established under the laws of the Province of Ontario to invest in a diversified portfolio of large capitalization companies that its manager, Brookfield Investment Management (Canada) Inc. (“BIM Canada”), believes are best-in-class within their respective industries. The Company is capitalized with public preferred shares (TSX:GCS.PR.A) and private capital shares. 

BIM Canada is a subsidiary of Brookfield Asset Management Inc., a global alternative asset manager with over a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. 

Chief Executive Officer Appointment
Global Champions Split Corp. is pleased to announce the appointment of Brian D. Lawson as the Chief Executive Officer of the Company, effective March 20, 2018. Mr. Lawson will be replacing George Myhal who has held the position since 2016.

For further information, contact Investor Relations at ir@pvii.ca or 647-503-6516.

FORWARD-LOOKING INFORMATION

This news release contains forward-looking information concerning the Company’s business and operations. The words "intend," “believe,” "principally," "primarily," "likely," "often," "generally" and other expressions of similar import, or the negative variations thereof, and similar expressions of future or conditional verbs such as "could," "should," "would," “may” or “will,” are predictions of or indicate future events, trends or prospects or identify forward-looking information. Forward-looking information in this news release includes, among others, statements with respect to the Company’s objective of investing in a diversified portfolio (the “Portfolio”) of large capitalization companies that Brookfield Investment Management (Canada) Inc. (the “Manager”) believes are best in class within their respective industries to generate cash dividends to fund quarterly fixed cumulative preferential dividends for the holders of the Company's preferred shares and to enable holders of its capital shares to participate in any capital appreciation of the Portfolio, fluctuations in the market value of units of the Company due to interest rate levels and the value of the Portfolio. Additional forward-looking information may also include fluctuations in the value of the Company's Portfolio and cash flows due to foreign currency exchange rates.

Although the Company believes that the anticipated future results or achievements expressed or implied by the forward-looking information and statements are based upon reasonable assumptions and expectations, the reader should not place undue reliance on the forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking information and statements.

Factors that could cause actual results to differ materially from those contemplated or implied by the forward-looking information include: the behavior of financial markets, including fluctuations in the value of the Portfolio and interest and exchange rates, availability of financings and other risks and factors detailed from time to time in the Company’s other documents filed with the Canadian securities regulators.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as may be required by law, the Company undertakes no obligation to publicly update or revise any forward-looking information or statements, whether written or oral, that may be as a result of new information, future events or otherwise. Reference should be made to the Company’s prospectus with respect to the Class A Preferred Shares, Series 1 for a description of the major risk factors.

 

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