TORONTO, Jan. 15, 2018 /CNW/ - Allbanc Split Corp. (the "Fund"), announced today that all of its issued and outstanding Class A Capital Shares ("Capital Shares") and Class C Preferred Shares, Series 1 ("Preferred Shares") will be redeemed by the Fund in accordance with their terms on March 9, 2018 and that the Fund will wind up and terminate as soon as practicable after such date.
The redemption price for each Preferred Share will be an amount equal to the Series 1 Preferred Share Redemption Price (as defined in the provisions attaching to the Preferred Shares). The Series 1 Preferred Share Redemption Price will equal the lesser of (i) $31.64; and (ii) Unit Value (as defined in the provisions attaching to the Preferred Shares).
The redemption price (the "Capital Share Redemption Price") for every Capital Share redeemed will be an amount equal to the amount, if any, by which the Unit Value exceeds $31.64.
Holders of Capital Shares who wish to receive a redemption payment equal to the Capital Share Redemption Price in portfolio shares (rounded down to the nearest whole share) rather than cash must give notice to this effect to the Company and tender $31.64 for every Capital Share redeemed to the Company no later than February 9, 2018. Holders of Capital Shares who do not give the required 20 business days' notice will be deemed to have chosen to be paid in cash.
The payment of the amount due to holders of the redeemed Capital Shares and Preferred Shares will be made by the Company on March 9, 2018.
The Capital Shares and Preferred Shares will be delisted from the Toronto Stock Exchange on or about March 9, 2018.
SOURCE Allbanc Split Corp.
For further information: Investor Relations, AllBanc Split Corp., (416) 945-4171, E-mail: [email protected], Web site: www.scotiamanagedcompanies.com