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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 May 31, 2015 12:35pm
234 Views
Post# 23782173

Bankers would fetch $6 relative to LEG

Bankers would fetch $6 relative to LEGConsidering no net debt, if the company were receive $1.55 Billion that would yield a price per share of somewhere in the $6 range. Based on the price deck used to calculate the last round of NAVs that price would still be a real bargain relative to its near $9 NAV. Remembering the OOIP is ~5 Billion BBLS and the costs per BBL have come down considerably and are in process of coming down even further. Once the hedges wear off in the US so will the drilling further slow down and production follow suit.
Bullboard Posts