TORONTO, Feb. 24, 2017 /CNW/ - Allbanc Split Corp.
(the "Company") announced today that it has called 54,605 Class C
Preferred Shares, Series 1 (the "Preferred Shares") for cash
redemption on March 10, 2017 (in
accordance with the Company's Articles of Incorporation, as
amended) representing approximately 9.409% of the outstanding
Preferred Shares as a result of the special annual retraction of
54,605 Capital Shares by the holders thereof. The Preferred
Shares shall be redeemed on a pro rata basis, so that each holder
of Preferred Shares of record on March 8,
2017 will have approximately 9.409% of their Preferred
Shares redeemed. The redemption price for the Preferred
Shares will be $31.64 per
share.
In addition, holders of a further 4,140 Capital Shares and 4,140
Preferred Shares have deposited such shares concurrently for
retraction on March 10, 2017. As a
result, a total of 58,745 Capital Shares and 58,745 Preferred
Shares, or approximately 10.051% of both classes of shares
currently outstanding, will be redeemed.
Holders of Preferred Shares that are on record for dividends but
have been called for redemption will be entitled to receive
dividends thereon which have been declared but remain unpaid up to
but not including March 10, 2017.
Payment of the amount due to holders of Preferred Shares will be
made by the Company on March 10,
2017. From and after March 10,
2017 the holders of Preferred Shares that have been called
for redemption will not be entitled to dividends or to exercise any
right in respect of such shares except to receive the amount due on
redemption.
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.