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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

Comment by braincloudon Jul 26, 2016 1:59pm
186 Views
Post# 25085563

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:SAFE Approval

RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:SAFE ApprovalWell then we differ on a few points. When the deal was struck, given the oil price environment, it was fair IMO. I asked a few analysts and they all pretty much agreed. That's why you didn't hear any squawking from any institution that the deal was unfair. I'm pretty sure that had the oil price been higher then the offer would have come in higher. As for the Albanian tax issue, what difference does that outcome make with a deal on the table? They said that the deal would stand irrespective of the outcome. Shell never expressed any interest. Zero! After the deal was put on the table it was incumbent on management to shop the deal. Crickets! Shell, Vermillion etc etc. Nobody had any interest. If you want to set your mind at ease just overlay a chart of Brent on top of BNK and you'll see that not withstanding the slight blip downward when the Alb issue came up, BNK has followed Brent in lock-step all the way. What's more, is that the decline rates are already taking hold with slight off-sets from the EOR. No drilling in sight !Without oil going higher this baby is pretty much dead in the water defending its balance sheet. The deal will go through. From my sources there's nothing to suggest that the SAFE nor the financing is in jeopardy. But what do I know...right? Why didn't anyone make a better bid if it was such a steal? Because the Marinza field is very complex with multi layers of viscosities of oil. It's still very much an ongoing experiment in chemistry and physics. Shell wasn't in that game and no synergies could be garnered by a takeover.
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