TORONTO, Sept. 8, 2015 /CNW/ - The Board of Directors of BNS Split Corp. II (the "Company") has declared today dividends of $0.2003 per Preferred Share and $0.1475 per Capital Share, payable on September 22, 2015 to holders of record at the close of business on September 18, 2015.
Holders of Preferred Shares are entitled to receive quarterly fixed cumulative distributions equal to $0.2003 per Preferred Share. The Company's Capital Share dividend policy is to pay a quarterly dividend on the Capital Shares equal to the dividends received by the Company on the BNS Shares minus the dividends payable on the Preferred Shares and all administrative and operating expenses provided the net asset value per Unit at the time of declaration, after giving effect to the dividend, would be greater than the original issue price of the Preferred Shares.
The Company announced on August 21, 2015 that the final condition required to extend the term of the Company for an additional five years to September 22, 2020 had been met. The Company's Class B preferred shares, Series 1 (the "Series 1 Preferred Shares") will be redeemed by the Company on September 22, 2015 in accordance with their redemption provisions at a price per share equal to the lesser of $18.85 and the Net Asset Value per Unit (As at September 4, 2015: $52.10). 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 (the "Series 2 Preferred Shares"), which are expected to be issued immediately following this redemption.
BNS Split Corp. II is a mutual fund corporation created to hold a portfolio of common shares of The Bank of Nova Scotia. Capital Shares and Preferred Shares of BNS Split Corp. II are listed for trading on The Toronto Stock Exchange under the symbols BSC and BSC.PR.B respectively.
SOURCE BNS Split Corp. II
For further information: For more information, please contact: Investor Relations, BNS Split Corp. II, (416) 863-7301, E-mail: [email protected], Web site: www.scotiamanagedcompanies.com