Canadian Banc Corp T.BK

Alternate Symbol(s): CNDCF | T.BK.PR.A

The Companys investment objectives are (i) to provide holders of Preferred Shares with cumulative preferential floating rate monthly cash dividends at a rate per annum equal to the Prime Rate plus 0.75%, with a minimum annual rate of 5.0% and a maximum annual rate of 7.0% (ii) to provide holders of Class A Shares with regular floating rate monthly cash distributions targeted to be at a rate per annum equal to the Prime Rate plus 2.0%, with a minimum targeted annual rate of 5.0% and a maximum targeted annual rate of 10.0% and (iii) to return the original issue price to holders of both Preferred Shares and Class A Shares at the time of the redemption of such shares on December 1, 2012.

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Canadian Banc Corp > How to buy Public Offering

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Comment by AnEducatoron Jan 26, 2023 3:03pm

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Post# 35248502

RE:RE:RE:RE:RE:RE:RE:RE:RE:How to buy Public Offering

LBS preferreds still offer only 5.45% yield on their $10 par value. The only reason the yield to maturity was cited as 8% is because the offering price was discounted to $0.15 below par, and anyone purchasing the shares can redeem the shares for their full $10 par value in October, for a $0.15 capital gain in addition to the distributions paid out.

Anyone paying more than $9.85 per share or choosing not to liquidate their holdings either on the market at higher prices or through the redemption privilege will not end up with the 8% yield.

Distributions on LBS preferreds remain at $0.13625 per quarter.

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