TORONTO, July 9 /CNW/ - Big Bank Big Oil Split Corp. (TSX:BBO)
(TSX:BBO.PR.A) (the "Company") is pleased to announce that it has received all
necessary approvals for its previously announced rights offering (the "Rights
Under the Rights Offering holders of class A capital shares ("Capital
Shares") at the close of business on July 17, 2008 will receive rights
("Rights") to purchase Combined Units on the basis of one Right for each
Capital Share held. Two Rights will entitle the holder to purchase a Combined
Unit, consisting of one Capital Share, one class A preferred share ("Preferred
Share") and one Warrant for a subscription price of $26.38 per Combined Unit.
Each Warrant may be used to purchase one Capital Share and one Preferred
Share. Rights may be exercised at any time up to the expiry of the Rights at
4:00 p.m. (Toronto time) on August 13, 2008.
Holders of Rights who exercise all of their Rights may also subscribe for
additional Combined Units that may be available as a result of unexercised
Rights. Rightsholders may exercise their Rights through the broker or dealer
which holds their Rights.
The Rights will be listed and posted for trading on the TSX under the
symbol BBO.RT. Holders of Rights should contact the broker or dealer who holds
their Rights on their behalf to exercise their Rights. A prospectus describing
the Rights Offering is expected to be mailed to Capital Shareholders on or
around July 23, 2008.
This news release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the securities
in any state or jurisdiction, including the United States, in which such
offer, solicitation or sale would be unlawful.
About the Company
The Company was created to provide investors with an equal-weighted
investment in the six largest Canadian banks and ten largest Canadian oil and
gas companies by market capitalization using a split share structure on a low
cost basis. Holders of Capital Shares receive the benefits of monthly cash
distributions, low management fees and the opportunity for growth in net asset
value. Holders of Preferred Shares receive fixed quarterly distributions at a
rate of $0.525 per share per annum. The Preferred Shares are rated Pfd-2 by
DBRS Ltd. Claymore Advisors, LLC, the Portfolio Adviser, selectively writes
covered call and cash covered put options to generate additional distributable
income for the Company.
About Claymore Investments
The Company is managed by Claymore Investments, Inc., a wholly-owned
subsidiary of Claymore Group, Inc., a financial services and asset management
company based in the Chicago, Illinois area. Claymore Group entities provide
supervision, management, servicing or distribution on approximately
US$18 billion in assets through various investment products including
exchange-traded funds, closed-end funds and open-end funds.
For further information about the Company or Claymore Investments, Inc.,
please contact your financial advisor or visit our website at
Commissions, trailing commissions, management fees and expenses all may
be associated with investment funds. Please read the Company's publicly filed
documents which are available from SEDAR at www.sedar.com. Investment funds
are not guaranteed, their values change frequently and past performance may
not be repeated.
For further information:
For further information: Media Inquiries, please contact: Sara Beazely,
(416) 813-2007, email@example.com or Som Seif, President,
Claymore Investments, Inc., Toronto, (866) 417-4640,