The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

BNS Split Corp. II Declares Quarterly Dividends

Wednesday, September 08, 2010

BNS Split Corp. II Declares Quarterly Dividends13:24 EDT Wednesday, September 08, 2010TORONTO, Sept. 8 /CNW/ - The Board of Directors of BNS Split Corp. II (the "Company") has declared today dividends of $0.2214 per Class A Preferred Share and $0.1100 per Class A Capital Share, payable on September 22, 2010 to holders of record at the close of business on September 21, 2010.Holders of Class A Preferred Shares are entitled to receive quarterly fixed cumulative distributions equal to $0.2214 per Class A Preferred Share. The Class A Preferred Shares will be redeemed by the Company on September 22, 2010 in accordance with their share provisions. Pursuant to these provisions, the Class A Preferred Shares will be redeemed at a price per share equal to the lesser of $20.83 and the net asset value per Unit (currently $51.90). In order to maintain the leveraged "split share" structure of the Company, the Company intends to create and issue a new series of Class B Preferred Shares to be called the Series 1 Preferred Shares, which are expected to be issued following this redemption.The Company's Class A Capital Share dividend policy is to pay a quarterly dividend on the Class A Capital Shares equal to the dividends received by the Company on the BNS Shares 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. Holders of Class A Capital Shares who have not tendered their shares for retraction under the special retraction right will continue their investment in the Company as provided under the Company's share capital reorganization approved on July 5, 2010.BNS Split Corp. II is a mutual fund corporation created to hold a portfolio of common shares of The Bank of Nova Scotia. Class A Capital Shares and Class A Preferred Shares of BNS Split Corp. II are listed for trading on The Toronto Stock Exchange under the symbols BSC and BSC.PR.A respectively. The Class A Preferred Shares will be delisted after the close on September 22, 2010.%SEDAR: 00022519EFor further information: please contact investor relations: BNS Split Corp. II, (416) 863-7301, E-mail: mc_bnssplit2@scotiacapital.com, Web site: www.scotiamanagedcompanies.com