TORONTO, Dec. 14, 2015 /CNW/ - First Asset CanBanc Split Corp. (the "Fund") announces that all of the issued and outstanding Preferred Shares (TSX: CBU.PR.A) and Class A Shares (TSX: CBU) of the Fund will be redeemed by the Fund on January 15, 2016 (the "Redemption Date") as scheduled.
The redemption price payable by the Fund for a Preferred Share on the Redemption Date will be equal to the lesser of (i) $10.00 plus any accrued and unpaid distributions thereon, and (ii) the net asset value ("NAV") of the Fund on the Redemption Date divided by the total number of Preferred Shares then outstanding.
The redemption price payable by the Fund for a Class A Share on the Redemption Date will be equal to the greater of (i) the NAV per Unit on that date minus the sum of $10.00 plus any accrued and unpaid distributions per share on the Preferred Shares then outstanding, and (ii) nil. A "Unit" is a notional unit consisting of one Preferred Share and one Class A Share.
NAV per Unit was $42.39 as at December 11, 2015.
Redemption proceeds will be paid on or before January 22, 2016. Shareholders are not required to take any action in connection with the above redemptions.
About First Asset
First Asset is an investment firm focused on providing smart, low cost solutions that address the real-world investment needs of Canadians – capital appreciation, income generation and risk mitigation. Rooted in strong fundamentals, First Asset's smart solutions strive to deliver better risk-adjusted returns than the broad market while helping investors achieve their personal financial goals.
SOURCE First Asset
For further information: Please call Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.