Allbanc Split Corp. Announces Reorganization Proposal



    TORONTO, Dec. 11 /CNW/ - Allbanc Split Corp. (the "Company") announced
today that its Board of Directors has approved a proposal to reorganize the
Company. The reorganization will permit holders of Class A Capital Shares to
extend their investment in the Company beyond the redemption date of March 10,
2008 for up to an additional 5 years. The Class A Preferred Shares will be
redeemed on the same terms originally contemplated in their share provisions.
Holders of Class A Capital Shares who do not wish to extend their investment
and all holders of Class A Preferred Shares will have their shares redeemed on
March 10, 2008.
    The reorganization will involve (i) the extension of the originally
scheduled redemption date, (ii) a special retraction right to enable holders
of Class A Capital Shares to retract their shares as originally contemplated
should they not wish to extend their investment and (iii) the creation of a
new class of shares to be known as the Class B Preferred Shares in order to
provide continuing leverage for the Class A Capital Shares. The reorganization
will be subject to receipt of all necessary regulatory approvals.
    A special meeting of holders of Class A Capital Shares has been called
and will be held on January 25, 2008 to consider and vote upon the
reorganization. Details of the proposed reorganization will be outlined in an
information circular to be prepared and delivered to holders of Class A
Capital Shares in connection with the special meeting.

    %SEDAR: 00009809E




For further information:

For further information: Investor Relations, Allbanc Split Corp., (416)
945-4171, E-mail: mc_allbanc@scotiacapital.com, Web site:
www.scotiamanagedcompanies.com

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AllBanc Split Corp.

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