ALB.PR.B Issues Warrants

Allbanc Split Corp. II has announced:

the Company has issued one half warrant for every Capital Share to holders of Capital Shares of the Company of record as at the close of business on May 16, 2011.

Each whole warrant will entitle the holder to purchase one Unit, each Unit consisting of two Capital Shares and one Preferred Share, for a subscription price of $50.12 per Unit. Commencing May 17, 2011, warrants may be exercised at any time on or before 5:00 p.m. (Toronto time) on November 30, 2011. The warrants are listed on The Toronto Stock Exchange under the ticker symbol ALB.WT.

Holders of Preferred Shares are entitled to receive quarterly fixed cumulative distributions equal to $0.2316 per Preferred Share. The Company’s Capital Share dividend policy is to pay a quarterly dividend on the Capital Shares equal to the dividends received by the Company on the underlying portfolio securities minus the dividends payable on the Preferred Shares and all administrative and operating expenses provided the net asset value per Unit at the time of declaration, after giving effect to the dividend, would be greater than the original issue price of the Preferred Shares.

Allbanc Split Corp. II is a mutual fund corporation created to hold a portfolio of publicly listed common shares of selected Canadian chartered banks. Capital Shares and Preferred Shares of Allbanc Split Corp. II are listed for trading on The Toronto Stock Exchange under the symbols ALB and ALB.PR.B respectively.

ALB.PR.B was last mentioned on PrefBlog when it was issued in February. ALB.PR.B is tracked by HIMIPref™ and comprises part of the SplitShare subindex.

One Response to “ALB.PR.B Issues Warrants”

  1. […] was last mentioned on PrefBlog when warrants were issued in May, 2011. ALB.PR.B is tracked by HIMIPref™ but is relegated to the Scraps index on volume […]

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