Allbanc Split Corp. II Announces Minimum Share Condition has been satisfied

TORONTO, Jan. 10 /CNW/ - Allbanc Split Corp. II (the "Company") announced today that the final condition required to extend the term of the Company for an additional five years to February 28, 2016 has been met as holders of 65.2% of Class A Capital Shares have elected to extend. Class A Capital shareholders previously approved the extension of the term of the Company subject to the condition that a minimum of 2,667,000 Class A Capital Shares remain outstanding after giving effect to the special retraction right (the "Special Retraction Right").

Under the Special Retraction Right, 2,318,164 Class A Capital Shares were tendered to the Company for retraction on February 28, 2011. The holders of the remaining 4,349,412 Class A Capital Shares will continue to enjoy the benefits of a leveraged participation in the capital appreciation of the Company's portfolio of publicly listed common shares of selected Canadian chartered banks and will defer realization of any capital gains which would otherwise have been realized on the redemption of their Class A Capital Shares.

The Class A Preferred Shares will be redeemed by the Company on February 28, 2011 in accordance with the redemption provisions as detailed in the January 25, 2006 prospectus. Pursuant to these provisions, the Preferred Shares will be redeemed at a price per share equal to the lesser of $25.00 and the Net Asset Value per Unit. In order to maintain the leveraged "split share" structure of the Company, the Company intends to create and issue a new series of Class B Preferred Shares to be called the Series 1 Preferred Shares, which are expected to be issued following this redemption.

Capital Shares and Preferred Shares of Allbanc Split Corp. II are listed for trading on The Toronto Stock Exchange under the symbols ALB and ALB.PR.A respectively.

SOURCE Allbanc Split Corp. II

For further information:

Investor Relations
Allbanc Split Corp. II
Telephone: (416) 863-5930
Web site:


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