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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 Jan 12, 2016 3:41pm
170 Views
Post# 24451107

RE:dispute

RE:disputeThat is correct. However I doubt it will be resolved in a month. I'd suggest more towards the end of the quarter. That said, it will provide the auditors going forward a blueprint so that there aren't anymore stupid claims on the part of the Albanians for future audits. They shouldn't have ever used threats to get money from BNk to fund short falls in fiscal revenue. What's more they shouldn't have counted on the same steam of royalty income when the price of oil was falling either. The controversy surrounding the audit and the seizure of BNK bank account has caused damage that will take months to repair and probably has put in jeopardy other investors looking to invest in Albania. Since the involvement of the IMF and the other international agencies I understand that there has been a dramatic change of face. Now there will be a solution that will give the ALBS some face saving concessions but it won't result in BNK having to pay anything in addition to the royalty stream they already have and will continue to pay. This is fact! That $54 hedge they put in place looks pretty good now huh?
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