Canadian Banc Capital Securities Trust Declares Regular and Special Distributions
18 Dec, 2014, 18:15 ET
TORONTO, Dec. 18, 2014 /CNW/ - Aston Hill Capital Markets Inc. ("Aston Hill") as manager of Canadian Banc Capital Securities Trust (the "Fund") announced today regular and special distributions for the Fund.
The regular quarterly distribution of $0.3125 per Class A Unit and Class F Unit will be paid on January 15, 2015 to holders of record on December 31, 2014. In addition, the Fund will pay a special capital gains distribution to Unitholders of record on December 31, 2014. The special capital gains distribution will be comprised of $4.2881 per Class A Unit ($4.7831 per Class F 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 $1.4294 per Class A Unit ($1.5944 per Class F 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, 2015. The capital gains distribution is largely the result of the termination of the Fund's forward purchase and sale agreement which was completed today. 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.
About Canadian Banc Capital Securities Trust
The Fund is an investment trust whose investment objectives are to (i) provide Unitholders with attractive quarterly cash distributions, and (ii) return to Unitholders the original issue price of the Units upon termination of the Fund. The Fund will seek to achieve its investment objectives through exposure to an actively managed portfolio consisting primarily of subordinated capital instruments (excluding common equity) issued by financial institutions that are designed to meet the regulatory capital requirements of the issuer's regulator. The Class A Units are listed for trading on the Toronto Stock Exchange under the symbol CSB.UN.
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, private equity funds, hedge funds and segregated institutional funds. Aston Hill Financial has offices in Calgary, Toronto and Halifax.
SOURCE: Aston Hill Capital Markets Inc.
For further information: Please contact your financial advisor, call Aston Hill's Sales and Marketing support line at 416-583-2300 (toll-free at 1-800-513-3868), or visit our website at www.astonhill.ca.
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