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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 15, 2016 9:17am
167 Views
Post# 24461281

RE:Seeking Alpha Article on Bankers

RE:Seeking Alpha Article on BankersThe Seeking Alpha article isn't quite accurate. It suggests that the settlement is a payment. It isn't. It was a compromise to give the ALBS some short term funds that will be reconciled against royalty payments. Fortunately, Bankers was able to solve this matter by entering into a settlement agreement with the Albanian Tax Office. Bankers agreed to pay $5.7M upfront and will settle the remainder of the $57M tax bill by making 12 monthly payments of US$4.28M this year, resulting in a total payment of $57M during 13 months. This isn't an ideal situation, but at least it will allow Bankers to enjoy a good (or at least decent) relationship with the tax office by showing its goodwill to start paying the tax bill.
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