TORONTO, Feb. 22, 2018 /CNW/ - The Board of Directors of
AllBanc Split Corp. (the "Company") has today declared dividends of
$0.3164 per Preferred Share and
$0.5600 per Capital Share, payable on
March 9, 2018 to holders of record at
the close of business on March 7,
2018.
The Class A Capital Shares ("Capital Shares") and Class C
Preferred Shares, Series 1 ("Preferred Shares") will be redeemed by
the Company in accordance with their terms on March 9, 2018 and the Company will wind up and
terminate as soon as practicable after such date. Pursuant to
these provisions, the Preferred Shares will be redeemed at a price
per share equal to the lesser of $31.64 and the net asset value per unit. The
Capital Shares will be redeemed at a price per share equal to the
amount by which the net asset value per unit exceeds $31.64.
Holders of Capital Shares who requested to receive their
redemption payment in portfolio shares and gave notice to
this effect and tendered $31.64 for
each Capital Share by February 9,
2018 will receive their pro rata share of the portfolio
shares. The redemption of Capital Shares and Preferred Shares will
constitute a taxable disposition of the Company's shares at the
time of the redemption whether the payment is received in the form
of cash or portfolio shares.
A further press release will be issued by the Company in
connection with the redemption prices on March 8, 2018. Payment of the amounts due to
holders of Capital Shares and Preferred Shares will be made by the
Company on March 9, 2018.
AllBanc Split Corp. is a mutual fund corporation created to hold
a portfolio of publicly listed common shares of selected Canadian
chartered banks. Class A Capital Shares, and Class C Preferred
Shares of AllBanc Split Corp. are listed for trading on The Toronto
Stock Exchange under the symbols ABK.A and ABK.PR.C
respectively.
SOURCE Allbanc Split Corp.