TORONTO, Dec. 18, 2015 /CNW/ - Aston Hill Capital Markets Inc. (the "Manager") as manager of HBanc Capital Securities Trust (the "Fund") announced today regular and special distributions for the Fund.
The regular quarterly distribution of $0.1458 per Class A, Series 1 and Series 2 Unit will be paid on January 15, 2016 to holders of record on December 31, 2015. In addition, the Fund will pay a special capital gains distribution to Unitholders of record on December 31, 2015. The special capital gains distribution will be comprised of an estimated $3.56 per Class A, Series 1 Unit ($3.64 per Class A, Series 2 Unit) which will be paid in additional Units (to be consolidated back to the original number of Units of the Fund, resulting in Unitholders incurring a non-cash capital gain equal to the non-cash portion of the distribution amount with a matching increase in their adjusted cost base per Unit) and $1.19 per Class A, Series 1 Unit ($1.21 per Class A, Series 2 Unit) in cash to offset the estimated tax liability of Unitholders resulting from such distribution. The cash portion of the distribution will be paid on or about January 15, 2016. The capital gains distribution is largely the result of the termination of the Fund's forward purchase and sale agreement. The above noted special distribution amounts are estimates and may be altered prior to the record date. The forward agreement was entered into by the Fund at its inception date to provide unitholders with tax-advantaged distributions characterized as return of capital and was terminated as scheduled. Class A Unitholders of the Fund have approved a merger of the Fund into North American Financials Capital Securities Trust. The merger remains subject to TSX and regulatory approval. Class U Units of the Fund will not participate in the merger and will be redeemed as scheduled on December 30, 2015. Class U Unitholders will be allocated a capital gain pursuant to the termination of the Fund's forward purchase and sale agreement.
Aston Hill Capital Markets Inc. is a leading Canadian structured financial products investment firm focused on creating and managing high quality investment vehicles. The Manager is a subsidiary of Aston Hill Financial Inc. (TSX: AHF). Aston Hill Financial Inc. is a diversified asset management company with a suite of retail mutual funds, closed end funds, hedge funds and segregated institutional funds. Aston Hill Financial is headquartered in Toronto.
SOURCE Aston Hill Capital Markets Inc.
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