Bullboard - Stock Discussion Forum 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... see more

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TSX:BNK - Post Discussion

Big Banc Split Corp > New release related to tax dispute...

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Post by EdSharanek on Aug 29, 2016 7:25am

New release related to tax dispute...

Canada NewsWire CALGARY, Aug. 29, 2016 CALGARY, Aug. 29, 2016 /CNW/ - Bankers Petroleum Ltd. ("Bankers" or the "Company") (TSX: BNK, AIM: BNK) announces that the binding third-party audit report has been released with respect to the 2011 tax dispute, determining that Bankers correctly stated its 2011 expenses as cost recoverable according to the Petroleum Agreement and the License Agreement. As previously agreed to by the Albanian National Agency for Natural Resources ("AKBN"), the Minister of Energy and Industry and Bankers, the decision is a final resolution, and, as such, the Albanian tax authority will recalculate Bankers' tax obligations for 2011 and determine the appropriate mechanism to settle or reimburse Bankers for the payments made to date. The Company had paid a total of $37 million as of June 30, 2016 to the Albania tax office as deposits for the 2011 profit tax assessment. The third-party audit was conducted by a joint panel of individuals from PricewaterhouseCoopers and Navigant Consulting Company, pursuant to the Terms of Reference signed and announced on February 24, 2016. All parties have committed to using the results of this third party audit as the basis for determining recoverable petroleum costs in subsequent years. Read more at https://www.stockhouse.com/news/press-releases/2016/08/29/bankers-petroleum-announces-results-of-the-binding-third-party-audit-regarding#YsxrdV36MiBBrCyJ.99

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Comment by casino on Aug 29, 2016 8:29am

Finally!!! No even more so I hope the deal falls through. With new management and even with current BNK will be worth a lot more when oil rebounds. $3 plus by EOY

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Comment by snake123 on Aug 29, 2016 8:54am

This post has been removed in accordance with Community Policy

Comment by riverrow on Aug 29, 2016 9:34am

That's about 15 cents a share credit to BNK. Who exactly will get this money? Geo or BNK shareholders?

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Comment by QUANTUMJUMP on Aug 29, 2016 9:37am

The company BNK , which will be owned by Geo-Jade , shareholders approved the sale of the company

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Comment by riverrow on Aug 29, 2016 9:51am

We're not talking 2or 3 million dollars here. $37 million is material amount of money and provisions for the dispersal of any tax money recovery should have been made in the arrangement contract.

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Comment by RockLobster1 on Aug 29, 2016 9:48am

they should declare a special 15 cent dividend... payable on Sept 15... that will put the fire under Geo Jade to own the company by then!... ( this is not a serious suggestion but I like it...)

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Comment by braincloud on Aug 29, 2016 9:58am

I think you will get a cheque in the mail for each share you own. You should have received a form in the mail. Except if you voted no to the takeover. Then you get nothing. Call your advisor to verify if you are entitled to any money.

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