TORONTO, Feb. 24, 2016 /CNW/ - Allbanc Split Corp. (the "Company") announced today that it has called 55,511 Preferred Shares for cash redemption on March 10, 2016 (in accordance with the Company's Articles) representing approximately 8.674% of the outstanding Preferred Shares as a result of the special annual retraction of 55,511 Capital Shares by the holders thereof. The Preferred Shares shall be redeemed on a pro rata basis, so that each holder of Preferred Shares of record on March 8, 2016 will have approximately 8.674% of their Preferred Shares redeemed. The redemption price for the Preferred Shares will be $31.64 per share.
In addition, holders of a further 18,300 Capital Shares and 18,300 Preferred Shares have deposited such shares concurrently for retraction on March 10, 2016. As a result, a total of 73,811 Capital Shares and 73,811 Preferred Shares, or approximately 11.213% of both classes of shares currently outstanding, will be redeemed.
Holders of Preferred Shares that are on record for dividends but have been called for redemption will be entitled to receive dividends thereon which have been declared but remain unpaid up to but not including March 10, 2016.
Payment of the amount due to holders of Preferred Shares will be made by the Company on March 10, 2016. From and after March 10, 2016 the holders of Preferred Shares that have been called for redemption will not be entitled to dividends or to exercise any right in respect of such shares except to receive the amount due on redemption.
Allbanc Split Corp. is a mutual fund Corporation created to hold a portfolio of publicly listed common shares of selected Canadian chartered banks. Class A Capital Shares and Class C Preferred Shares of Allbanc Split Corp. are listed for trading on The Toronto Stock Exchange under the symbols ABK.A and ABK.PR.C respectively.
SOURCE Allbanc Split Corp.
For further information: Investor Relations, Allbanc Split Corp., (416) 945-4171, E-mail:email@example.com, Web site: www.scotiamanagedcompanies.com