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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 > The Deal Cannot Be Closed in July
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Comment by RockLobster1on Jul 20, 2016 1:07pm
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Post# 25069216

RE:RE:The Deal Cannot Be Closed in July

RE:RE:The Deal Cannot Be Closed in July
I do find it hard to believe that a large company goes to all this trouble to make a large strategic purchase, in a country that China is strategically investing in.... and then months after the deal when it is suppsed to close... they realize they don;t have the money... suddenly need to hold an urgent meeting to approve issueing shares etc.

It's possible but would show a level of incompetence that would really surprise me.  However, getting the Chinese bureacracy to act in a timely manner would not surprise me.

Thats said I have no idea what is going on... but rather frusttrated... BNK mgt should have had incentives in the deal... ie after Aug 1 the price is 2.25.   AT what point is the deal cancelled if this goes on?
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