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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Canadian Banc Corp | TSX:BK | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.14 | -1.28% | 10.78 | 10.76 | 10.80 | 10.84 | 10.74 | 10.75 | 42,817 | 21:01:03 |
The sales period of this overnight offering will end at 9:00 a.m. EST on November 16, 2023. The offering is expected to close on or about November 23, 2023 and is subject to certain closing conditions including approval by the TSX.
The Preferred Shares will be offered at a price of $9.80 per Preferred Share to yield 8.16%.
The closing price on the TSX of the Preferred Shares on November 14, 2023 was $9.97.
Since the inception of the Company, 219 consecutive dividends have been declared for the Preferred shares. The aggregate dividends declared on the Preferred Shares total $9.97 per share. All distributions to date have been made in tax advantaged eligible Canadian dividends.
The Company has been advised by DBRS that effective November 17, 2023, the rating on the Preferred shares will be Pfd-3 (low).
The net proceeds of the offering will be used by the Company to invest in a portfolio consisting primarily of six publicly traded Canadian Banks as follows:
Bank of Montreal | Canadian Imperial Bank of Commerce | Royal Bank of Canada |
The Bank of Nova Scotia | National Bank of Canada | The Toronto-Dominion Bank |
The Company’s Preferred Share investment objectives are to:
A prospectus supplement to the Company’s short form base shelf prospectus dated May 17, 2023, containing important detailed information about the Preferred Shares and the Class A Shares being offered will be filed with securities commissions or similar authorities in all provinces of Canada. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the agents listed above. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the Securities Commissions or similar authorities in each of the provinces of Canada.
Investor Relations: 1-877-478-2372 Local: 416-304-4443 www.canadianbanc.com info@quadravest.com
1 Year Canadian Banc Chart |
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