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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 stazon Aug 05, 2016 11:46pm
332 Views
Post# 25116155

RE:RE:Reverse break-up fee.

RE:RE:Reverse break-up fee.
The quote from July 30th NR : "Completion of the transaction remains subject to the regulatory approval of the Chinese State Administration of Foreign Exchange ("SAFE"). Accordingly, the deadline to receive the People's Republic of China approvals has been extended to September 30, 2016. In exchange for this extension, Geo-Jade agreed (as of July 29, 2016, being the date of the amending agreement) that failure to receive the SAFE approval by September 30, 2016 would entitle Bankers to the US $20 million reverse termination fee should Bankers terminate the Arrangement Agreement due to such failure." The part " In exchange for this extension,Geo-Jade agreed..." says that Geo-Jade DOES want to proceed. To that extent so it agreed to include terms of Reverse Termination Fee in the Amended Agreement which to my understanding wasn't there before, in the original Agreement (otherwise why mention it in the NR?). My conclusion is that the delay has not much to do with "darn bureaucrats" but rather with Geo-Jade itself trying to bite more than it can swallow. In this situation Q2 results DO matter, a lot. Because in the undesirable case of the deal falling through the results will define the SP movement essentially. Hope we'll get our $2.20 eventually, but... do your own DD.
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