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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

Big Banc Split Corp > Delay?
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Comment by RockLobster1on Jun 29, 2016 9:52am
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Post# 25008066

RE:RE:Delay?

RE:RE:Delay?
Lari Lampen , Contributor
Comments (64) |+ Follow |Send Message
Geo-Jade is buying an energy company (called Longzhou Xinke or something like that, I'll call it LX) in an all-shares transaction. LX, as Geo-Jade's subsidiary, will then fulfill Geo-Jade's obligations to complete some acquisitions, including that of Bankers. Geo-Jade is also guaranteeing $400m worth of loans that its textile manufacturing subsidiary is taking for an unspecified purpose.I think the all-shares takeover is a backdoor funding method for Geo-Jade's purchases (assuming LX has enough cash / available credit to complete them) and they are unwilling or unable to go through the process of obtaining permits to issue more bonds.As usual, many questions are left unanswered, such as what's on LX's balance sheet, what does their textile plant need $400 million for, and why does an oil company own a textile plant in the first place. Still, this development may reduce or perhaps eliminate the funding risk for the Bankers deal.
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