ABK.PR.B Warrants 40% Subscribed

Allbanc Split Corp. has announced:

the completion of its warrant offering. The gross proceeds from the exercise of the warrants previously issued totaled $26.9 million, representing 40% of the maximum available subscription amount.

The net proceeds from the exercise of the warrants will be invested in accordance with the investment objectives of the Company.

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

As previously noted, the warrants were significantly in-the-money, but sometimes that doesn’t mean the money comes in!

Sadly, this leaves the preferred shares with only about $34-million worth outstanding … getting up there, but still a little on the small side to be included in the HIMIPref™ universe. Maybe next time!

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