Press release from CNW Group
Allbanc Split Corp. II Announces Completion of Class B Preferred Share Offering
Monday, February 28, 2011
TORONTO, Feb. 28 /CNW/ - Allbanc Split Corp. II (the "Company") announced today that it has completed its public offering of 2,175,956 Class B Preferred Shares, Series 1 ("Series 1 Preferred Shares"), raising approximately $47.4 million. The Series 1 Preferred Shares were offered to the public by a syndicate of agents led by Scotia Capital Inc. In addition, the Company has redeemed all of its outstanding Class A Preferred Shares and 2,315,664 of its Class A Capital Shares.
The Series 1 Preferred Shares were offered in order to maintain the leveraged "split share" structure of the Company following the successful reorganization of the Company approved at a special meeting of holders of Class A Capital Shares on December 7, 2010, which among other things, extended the redemption date of the Class A Capital Shares for an additional five year term. At the close of business on February 28, 2011 there will be 4,351,912 Class A Capital Shares and 2,175,956 Series 1 Preferred Shares issued and outstanding.
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.
For further information:
Allbanc Split Corp. II
Telephone: (416) 863-5930
Web site: www.scotiamanagedcompanies.com