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TORONTO, Jan. 6, 2015 /CNW/ - First Asset CanBanc Split Corp. (the "Corporation") (TSX: "CBU.PR.A and CBU") announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Corporation's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB") to permit the Corporation to acquire its Preferred Shares and Class A Shares (collectively, the "Securities").
Pursuant to the NCIB, the Corporation proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 34,827 Preferred Shares and up to 34,827 Class A Shares of the Corporation, representing approximately 10% of the public float, being 348,270 Preferred Shares and 348,270 Class A Shares as of the close of business of January 2, 2015. The Corporation will not purchase in any given 30-day period, in the aggregate, more than 6,965 Preferred Shares and 6,965 Class A Shares, representing approximately 2% of the issued and outstanding Preferred Shares and Class A Shares, being 348,270 Preferred Shares and 348,270 Class A Shares as of the close of business of January 2, 2015. Purchases of Securities under the NCIB may commence on January 8, 2015. First Asset Investment Management Inc., the manager of the Corporation, believes that such purchases are in the best interests of the Corporation and are a desirable use of the Corporation's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Securities purchased by the Corporation pursuant to the NCIB will be cancelled. The NCIB will expire on January 7, 2016.
On January 3, 2014, the Corporation announced that it was making a Normal Course Issuer Bid, which commenced January 7, 2014, to purchase up to 37,833 Preferred Shares and up to 37,833 Class A Shares through the facilities of the TSX. No Securities were repurchased under the bid, which will expire on January 6, 2015.
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First Asset is an independent 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 contact Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.