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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 ChupacabraBuenoon Apr 06, 2016 11:53am
200 Views
Post# 24736654

TDW Action Notes:Operational udate Q1/16-Deal Risk Unchanged

TDW Action Notes:Operational udate Q1/16-Deal Risk UnchangedDeal Risk Unchanged, Operational Efforts Backstop Valuation Event This morning before market open, the company released an operational update for Q1/16 as well as an update on the Geo-Jade acquisition. Impact: NEUTRAL We view the cash offer deal process with Geo-Jade as more material to the share price than the company's recent operational progress. In this update, there was little additional detail and we view the risk to the deal closing as unchanged. Geo-Jade (600759:CH) has now resumed trading on the Shanghai exchange, and is up 10% as of this note. The company will be holding a Special Meeting of Shareholders on May 31 (meeting materials distributed on or before April 26) with regards to the Geo-Jade acquisition. Parties involved have commenced various applications for the necessary regulatory approvals. Although sales in the first quarter came in 4% higher than we had expected, realized pricing (62% of Brent) was 22% below our estimate. Q1/16 hedging revenue of $7.4 million; the company is valuing its remaining 2016 hedge program at $16.2 million. Enhanced oil recovery (EOR) contributed 4,952 BOE/d in March (29% of total production, implied 17,076 BOE/d total production), helping to offset the company's primary decline. TD Investment Conclusion Although the company is opportunity rich with a substantial resource base in Albania and an excellent team, its growth prospects are limited by the lower oil prices and funding constraints. Bankers Petroleum has faced a difficult period over the last few months with a significant drop in world oil prices and an escalation of the tax dispute with the Albanian authorities that is yet to be resolved. The Geo-Jade offer presents an attractive exit opportunity for the investors and we view the closing risks to be acceptable. Furthermore, we do not expect competing offers that are significantly superior to this deal. Therefore, we are maintaining our target price of C$2.20 and our rating of TENDER.
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