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 Gcreamyon Mar 21, 2016 7:01pm

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Post# 24685695

US$20 mill non-completion fee

That is $26 mill CAD non-completion fee. This is some incentive for both parties to hold up their end of the agreement.
Bankers is allowed to consider/ accept a superior offer BUT they need to pay Geo-Jade $26 mill CAD.
Geo-Jade is smart for including this feature as they know their offer is fairly low and could attract other potential acquirers. It is a win-win for them because they either get Bankers for $2.20/ share or they get outbid, chose not to match it, and walk away with $26 mill CAD paid by Bankers.

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