PrefBlog

B Split II Corp. has announced:

The Capital Shares and Preferred Shares will be redeemed by the Company on June 1, 2010 (the “Redemption Date”) in accordance with the redemption provisions as detailed in the prospectus dated May 25, 2005. Pursuant to these provisions, the Preferred Shares will be redeemed at a price per share equal to the lesser of $9.75 and the net asset value per Unit. The Capital Shares will be redeemed at a price per share equal to the amount by which the net asset value per Unit exceeds $9.75. The net asset value per Unit was $21.30 as at May 12, 2010.

Holders of Capital Shares who requested to receive their redemption payment in BCE Inc. common shares (“BCE Shares”) and gave notice to this effect and tendered $9.75 for every Capital Share by May 3, 2010 will receive their pro rata share of the BCE Shares. The redemption of Capital Shares and Preferred Shares will constitute a taxable disposition of the Company’s shares at the time of the redemption whether the payment is received in the form of cash or BCE Shares.

A further press release will be issued by the Company in connection with the redemption prices on May 27, 2010. Payment of the amounts due to holders of Capital Shares and Preferred Shares will be made by the Company on June 1, 2010.

BXN.PR.B was last mentioned on PrefBlog when it was downgraded to Pfd-3 by DBRS. BXN.PR.B is not tracked by HIMIPref™.

Update, 2010-5-28: Redemption price announcement.

This entry was posted on Thursday, May 13th, 2010 at 8:17 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.