Life & Banc Split Corp. (TSX: LBS) has announced a stock split of its class A shares, with shareholders of record on November 11, 2026 set to receive 12 additional shares for every 100 held. The split, attributed to the Fund's continuing strong performance, is expected to increase the total dollar amount of monthly cash distributions paid to class A shareholders by approximately 12%. The announcement, made by fund manager Brompton Funds Limited, is subject to Toronto Stock Exchange approval and represents a notable milestone for income-focused investors in the Fund.

Key Points

  • Life & Banc Split Corp. (TSX: LBS, TSX: LBS.PR.A) is managed by Brompton Funds Limited
  • A 12-for-100 class A share split is planned, with a record date of November 11, 2026 and distribution on November 12, 2026
  • Monthly cash distributions remain targeted at $0.10 per class A share post-split, increasing total distributions by approximately 12%
  • Investors may be watching for TSX approval of the split and the ex-split trading commencement on November 11, 2026

LBS Class A Share Split Structure and Timeline

Under the terms of the announced split, class A shareholders of record at the close of business on November 11, 2026 will receive 12 additional class A shares for every 100 class A shares held, with those additional shares distributed on November 12, 2026. The class A shares are expected to begin trading on an ex-split basis at the opening of trading on November 11, 2026. No fractional shares will be issued; any fractional entitlement will be rounded down to the nearest whole number. The share split is described as a non-taxable event and remains subject to TSX approval.

Impact on Monthly Distributions for Class A Shareholders

Following the share split, the Fund's monthly cash distributions remain targeted at $0.10 per class A share, the same per-share target as before. However, because shareholders will hold more shares post-split, the total dollar amount of distributions paid to class A shareholders is expected to increase by approximately 12%. The Fund also offers a commission-free distribution reinvestment plan for class A shareholders who prefer to reinvest distributions to benefit from compound growth, the release states.

Ten-Year Performance and Preferred Share Protection

The announcement highlights that over the 10 years to September 30, 2026, the class A shares delivered a compound annual total return of 24.8% based on net asset value, outperforming the S&P/TSX Capped Financials Total Return Index by 9.4% per annum and the S&P/TSX Composite Total Return Index by 12.4% per annum. Since inception, class A shareholders have received cumulative cash distributions of $22.15 per share. Based on net asset value as of October 22, 2026, adjusted for the split, preferred shares are expected to have downside protection of approximately 56% from a decline in the Fund's portfolio value.