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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

Comment by braincloudon Mar 09, 2016 11:36am
131 Views
Post# 24638934

RE:RE:RE:RE:RE:RE:TD upgrades..

RE:RE:RE:RE:RE:RE:TD upgrades..I will go over it just one more time. The profit tax dispute surrounds the capex and opex BNK submitted for audit. The opex/capex number in 2011 was $253 million. In order for the profit tax to be applicable they would have to disallow the entire capex plus have a profit of $106 million. The petroleum Agreement suggests that profit tax is only applicable after cost recovery ( the whole schedule of allowable costs is outlined in the Pet Agreement Cost Recovery Pool) . Whatever funds are advanced to the ALB tax department by way of the settlement, will be either returned to BNK and or reconciled against royalty payments otherwise due to the ALB tax department. Seeing as how the audit is set to be released next month some time AND that they both have agreed that the findings will be binding to both parties, there won't be any further mitigation talks. I suspect that short of a few items, that won't amount to anything , the capex BNK submitted will be allowed pretty much in full. This will serve as a blueprint for any other potential claims the ALB tax department might have on subsequent tax audits. They won't pay anywhere even near the $57 million!! Again, I'd suggest that you doubters out there read the Petroleum Agreement to get your heads around what I'm talking about.
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