BBO.PR.A Announces Rights Offering

The marvellously named “Big Bank Big Oil Split Corp” has announced:

that it has received all necessary approvals for its previously announced rights offering (the “Rights Offering”).

Under the Rights Offering holders of class A capital shares (“Capital Shares”) at the close of business on July 17, 2008 will receive rights (“Rights”) to purchase Combined Units on the basis of one Right for each Capital Share held. Two Rights will entitle the holder to purchase a Combined Unit, consisting of one Capital Share, one class A preferred share (“Preferred Share”) and one Warrant for a subscription price of $26.38 per Combined Unit. Each Warrant may be used to purchase one Capital Share and one Preferred Share. Rights may be exercised at any time up to the expiry of the Rights at 4:00 p.m. (Toronto time) on August 13, 2008.

Holders of Rights who exercise all of their Rights may also subscribe for additional Combined Units that may be available as a result of unexercised Rights. Rightsholders may exercise their Rights through the broker or dealer which holds their Rights.

The Rights will be listed and posted for trading on the TSX under the symbol BBO.RT. Holders of Rights should contact the broker or dealer who holds their Rights on their behalf to exercise their Rights. A prospectus describing the Rights Offering is expected to be mailed to Capital Shareholders on or around July 23, 2008.

So, the issue might get bigger – a good thing, since there are less than 1.9-million shares outstanding with a $10.00 par value. Asset coverage is just under 2.6:1 as of July 3, according to Claymore Investments.

BBO.PR.A is not tracked by HIMIPref™.

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