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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

Post by MoatsInvestmenton Jun 22, 2016 12:14am
206 Views
Post# 24986092

Everything for the deal is headed in the right direction

Everything for the deal is headed in the right direction[BNK QUOTE] "Everything for the deal is headed in the right direction despite the fact that the share price continues to hover around $2.00. The shareholder vote went well with over 97% of the participating vote voting in favour of the transaction at the Special Meeting. We are now awaiting two regulatory approvals, one of which is Investment Canada, which is expected to come through this week. The other which is SAFE, People's Republic of China foreign exchange approval, it's also expected in the coming weeks but doesn't offer quite the same guidance on the timing, so we're less clear about when that will come through. Both Bankers and Geo-Jade are doing everything we can to push through a timely close still expected in the coming weeks. As soon as we have any further updates we'll be sure to notify shareholders through a press release." GLTA
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