TORONTO, Dec. 1, 2015 /CNW/ - 5Banc Split Inc. (the "Company") announced today that it has called 236,260 Preferred Shares for cash redemption on December 15, 2015 representing approximately 17.98% of the outstanding Preferred Shares as a result of holders of 236,260 Capital Shares exercising their special annual retraction rights. The Preferred Shares shall be redeemed on a pro rata basis, so that holders of record of Preferred Shares on the close of business on December 11, 2015 will have approximately 17.98% of their Preferred Shares redeemed. The redemption price of $10.00 per Preferred Share will be paid on December 15, 2015. Holders of Preferred Shares that have been called for redemption will only be entitled to receive dividends on those which have been declared but remain unpaid up to and including December 15, 2015.
As a result, a total of 236,260 Preferred and Capital Shares, or approximately 17.98% of both classes of shares currently outstanding will be redeemed.
Payments and delivery of cash and common shares owing as a result of shareholders having exercised their retraction privilege and the above notice of call, will be made by the Company on December 15, 2015.
The Company was established to generate dividend income for the Class C Preferred Shares while providing holders of the Class B Capital Shares with a leveraged opportunity to participate in capital appreciation from a portfolio of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, and The Toronto-Dominion Bank.
Information concerning 5Banc Split Inc. is available on our website at http://www.timbercreek.com/investments/managed-companies/5banc-split-inc/overview.
The Class B Capital Shares and Class C Preferred Shares of 5Banc Split are listed on the Toronto Stock Exchange under the symbols FBS.B and FBS.pr.C respectively.
SOURCE Timbercreek Asset Management Inc.
For further information: Timbercreek Asset Management Inc., Carrie Morris, Investor Relations, [email protected]