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Big Banc Split Corp T.BNK

Alternate Symbol(s):  T.BNK.PR.A

The investment objectives for the Preferred Shares are to provide their holders with fixed cumulative preferential monthly cash distributions in the amount of $0.05 per Preferred Share ($0.60 per annum or 6.0% per annum on the issue price of $10.00 per Preferred Share) until November 30, 2023 (the Maturity Date) and to return the original issue price of $10.00 to holders on the Maturity Date. The Company will invest on an approximately equally-weighted basis in Portfolio Shares of the following publicly traded Canadian banks: Bank of Montreal; Canadian Imperial Bank of Commerce; National Bank of Canada; Royal Bank of Canada; The Bank of Nova Scotia; and The Toronto-Dominion Bank. The Portfolio will generally be rebalanced on a quarterly basis, starting on September 30, 2020, so that as soon as practicable after each calendar quarter the Portfolio Shares will be held on an approximately equal weight basis.


TSX:BNK - Post by User

Bullboard Posts
Post by dbeaudeon Oct 11, 2014 8:05pm
252 Views
Post# 23022019

bankers is in an excellent position.....

bankers is in an excellent position.....At $90 Bankers is still generating netback of ~$40 and a forward annualized FFFO of $365 M. Which is much more than they need to fund their capex of $313 M. In addition they have an estimated $70 M in Cash and Working capital of over $200 M and available credit of $120 M. The receivable from AMRO will be collected finally at a rate of an incremental $6 per bbl until paid so a good portion of the $200 Million of WC will be transformed into addition cash. So these guys are likely still generating free cash flow at $90 at 25000 bbl/day forward production and will soon have over $100 M in cash on hand. So, Bankers is one of the safest bets in the oil and gas complex. They have zero net debt and positive net working capital after debt of ($220 M estimated current working capital - $104 debt drawn) of $116 M or 45 cents per share. Also they had a quarter over quarter production growth of a whopping 6%.....the largest gain on record over the last three years to my knowledge. Amazing story.
Bullboard Posts