Allbanc Split Corp. Announces Shareholder Approval of Reorganization



    TORONTO, Jan. 25 /CNW/ - Allbanc Split Corp. (the "Company") announced
today that holders of its Class A Capital Shares have approved a share capital
reorganization allowing holders of Class A Capital Shares, at their option, to
retain their investment in the Company after the scheduled redemption date of
March 10, 2008. 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 and have been called for redemption on March 10, 2008.
    Holders of Class A Capital Shares who do not wish to continue their
investment in the Company after March 10, 2008 must give notice that they wish
to exercise their special retraction right and how they wish to be paid for
their shares on or prior to February 15, 2008. Holders of Class A Capital
Shares who retract their Class A Capital Shares will be paid on March 10,
2008.
    The reorganization will involve the extension of the originally scheduled
redemption date, 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 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 become
effective provided that holders of at least 180,000 Class A Capital Shares
(before giving effect to the stock split) retain their Class A Capital Shares
and do not exercise the special retraction right.

    %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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