On December 14, 2015, CI Financial announced:
First Asset CanBanc Split Corp. (the “Fund”) announces that all of the issued and outstanding Preferred Shares (TSX: CBU.PR.A) and Class A Shares (TSX: CBU) of the Fund will be redeemed by the Fund on January 15, 2016 (the “Redemption Date”) as scheduled.
The redemption price payable by the Fund for a Preferred Share on the Redemption Date will be equal to the lesser of (i) $10.00 plus any accrued and unpaid distributions thereon, and (ii) the net asset value (“NAV”) of the Fund on the Redemption Date divided by the total number of Preferred Shares then outstanding.
The redemption price payable by the Fund for a Class A Share on the Redemption Date will be equal to the greater of (i) the NAV per Unit on that date minus the sum of $10.00 plus any accrued and unpaid distributions per share on the Preferred Shares then outstanding, and (ii) nil. A “Unit” is a notional unit consisting of one Preferred Share and one Class A Share.
NAV per Unit was $42.39 as at December 11, 2015.
Redemption proceeds will be paid on or before January 22, 2016. Shareholders are not required to take any action in connection with the above redemptions.
… and on January 18, 2016, they further announced:
First Asset CanBanc Split Corp. (the “Fund”) announces that the Fund completed the redemption of all of the issued and outstanding Preferred Shares and Class A Shares on January 15, 2016 (the “Redemption Date”).
Each Preferred Share will receive $10.0268 per share, and each Class A Share will receive $30.1588 per share. These proceeds will be paid on or before January 22, 2016 to the beneficial holders of such shares through CDS Clearing and Depository Services Inc. Shareholders need not take any action to receive the final redemption proceeds.
HIMIPref™ did not track this issue; according to the last financials (SEDAR, First Asset CanBanc Split Corp. Aug 31 2015 21:16:09 ET Interim financial statements/report – English PDF 348 K) the total assets of the fund amounted to $15.4-million of which, according to the second press release, only about one-quarter was due to the preferred shareholders. But I thought I should post this for completeness’ sake.
This entry was posted on Tuesday, January 26th, 2016 at 1:22 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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CBU.PR.A Redeemed On Schedule
On December 14, 2015, CI Financial announced:
… and on January 18, 2016, they further announced:
HIMIPref™ did not track this issue; according to the last financials (SEDAR, First Asset CanBanc Split Corp. Aug 31 2015 21:16:09 ET Interim financial statements/report – English PDF 348 K) the total assets of the fund amounted to $15.4-million of which, according to the second press release, only about one-quarter was due to the preferred shareholders. But I thought I should post this for completeness’ sake.
This entry was posted on Tuesday, January 26th, 2016 at 1:22 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.