Bullboard - Stock Discussion Forum 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... see more

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Canadian Banc Corp > Sale of 85 million worth of BK preferred shares

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Post by kurtwalter on Nov 29, 2023 1:57pm

Sale of 85 million worth of BK preferred shares

I just sent the following questions to BK IR:

I suppose the proceeds of the recent sale of 85M of preferred shares will be used to buy more shares of the banks in the portfolio, thus boosting the total assets under management, Because the number of Class A shares has not increased, does that mean that the NAV per class A share will increase? Current market size of BK is estimated at 262M, this the 85M sale would boost that by 30 %? Thank you for your help.

Dr K W Schwager, PhD

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Comment by kurtwalter on Nov 29, 2023 4:10pm

Reply from Quadravest: Please refer to page S-7 of the Prospectus Supplement related to the offering filed on www.sedarplus.ca. It states that the Company received retraction notices in connection with the non-concurrent special retraction right on November 30, 2023. The secondly Preferred Share only offering was done in order to restore an equal number ...more

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Canadian Banc Corp