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 > If approved by the CHINESE GOV then the deal doesnt close

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Comment by uogradon Jul 21, 2016 3:33pm

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RE:RE:RE:RE:RE:If approved by the CHINESE GOV then the deal doesnt close

Look the chinese are no more interested in losing $20,000,000 for nothing than anyone else so the easiest way around that is to grant an extension.

However, there will be a cost to grant that extension which will move the closing price up by $20,000,000 which is roughly 8 cents per share.

So the terms of the deal are now pay me $2.20 today or $2.30 in 60-90 days. I could live with either. That gives the Chinese a little breathing room before they lose their $20,000,000 and we get a little bit extra for our patience.

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