FBS.PR.B : Partial Call for Redemption

5Banc Split Inc. has announced:

it has called 1,350,696 Preferred Shares for cash redemption on December 14, 2007 representing approximately 10% of the outstanding Preferred Shares as a result of holders of 1,350,696 Capital Shares exercising their special annual retraction rights. The Preferred Shares shall be redeemed on a pro rata basis, so that holders of record of Preferred Shares on the close of business on December 13, 2007 will have approximately 10% of their Preferred Shares redeemed. The redemption price for the Preferred Shares will be $10.00 per share. Holders of Preferred Shares that have been called for redemption will be entitled to receive dividends thereon which have been declared but remain unpaid up to and including December 14, 2007.

In addition, holders of a further 585,270 Preferred and Capital Shares have deposited such shares concurrently for retraction on December 14, 2007. As a result, a total of 1,935,966 Preferred and Capital Shares, or approximately 14% of both classes of shares currently outstanding will be redeemed.

Payment of the amount due to retracting shareholders will be made by the Company on December 14, 2007. From and after December 15, 2007 the holders of Preferred Shares that have been called for redemption will not be entitled to dividends or to exercise any right in respect of such shares except to receive the amount due on redemption.

FBS.PR.B is tracked by HIMIPref™ with the securityCode A29001. It is currently included in the HIMIPref™ SplitShare Index. It is also currently included in the S&P/TSX Preferred Share Index but will be removed in January.

Last January, the company very proudly announced the underwriters’ greenshoe had been exercised … sic transit gloria mundi.

One Response to “FBS.PR.B : Partial Call for Redemption”

  1. […] DBRS mass review of financial splits has been previously discussed. FBS.PR.B had a partial call for redemption in November, and was removed from the S&P/TSX Preferred Share Index with all the other […]

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