PrefBlog

Better late than never! Brompton Split Banc Corp. announced on 2008-12-17:

In accordance with its prospectus and the Class A Share Provisions, the regular, non-cumulative, monthly distribution for the month of December will not be paid on the class A shares of Brompton Split Banc Corp. Under the prospectus, no cash distribution may be paid on the class A shares, if after payment of the distribution by the Fund, the net asset value per unit (consisting of one class A share and one preferred share) would be less than $15.00. The net asset value per unit as at December 11, 2008 was $13.52. The Fund will re-evaluate the payment of class A share distributions in each subsequent month with the expectation that normal monthly distributions will resume and a press release will be issued if the net asset value per unit is in excess of $15.00 prior to declaration.

NAV was $15.16 on April 2 according to the company, so resumption may well be in the cards!

SBC.PR.A was last mentioned on PrefBlog when it was downgraded to Pfd-3 by DBRS. SBC.PR.A is tracked by HIMIPref™ but was relegated to the “Scraps” index at the February 2009 rebalancing on credit concerns.

This entry was posted on Friday, April 10th, 2009 at 5:34 pm 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.