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.

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Big Banc Split Corp

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Post by Quick4youon Mar 15, 2016 10:00pm

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Post# 24662998

Bankers Petroleum is strong and will remain strong

The Company continues to maintain a strong financial position at December 31, 2015 with cash and restricted cash of $69 million and working capital of $161 million. At the end of 2015, the Company had drawn $119 million from its credit facilities, as compared to $104 million at the end of 2014. At December 31, 2014, cash and restricted cash was $73 million and working capital was$201 million.
During 2015, the Company entered into three costless collar hedging contracts for 2016, representing 4,000 bopd at an average floor price of $54.31/bbl and average ceiling price of$57.29/bbl of Dated Brent. At December 31, 2015, the fair value of these contracts was $20 million. The 2015 hedge program represented a gain of $58 million, and comprised a good portion of funds generated from operations.