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Press release from Marketwire

5Banc Split Inc. Announces Minimum Capital Share Condition has been Satisfied and Call for Redemption of Class B Preferred Shares

Wednesday, November 16, 2011

5Banc Split Inc. Announces Minimum Capital Share Condition has been Satisfied and Call for Redemption of Class B Preferred Shares18:10 EST Wednesday, November 16, 2011TORONTO, ONTARIO--(Marketwire - Nov. 16, 2011) - 5Banc Split Inc. (the "Company") (TSX:FBS.B)(TSX:FBS.PR.B) announced today that the final condition required to extend the term of the Company for an additional five years to December 15, 2016 has been satisfied as holders of approximately 76% of Class B capital shares ("Class B Capital Shares") have elected to continue their participation in the Company. Holders of Class B Capital Shares approved the extension of the term of the Company on October 7, 2011 subject to the condition that a minimum of 2,500,000 Class B Capital Shares remain outstanding after giving effect to the special retraction right (the "Special Retraction Right").Under the Special Retraction Right, 1,592,428 Class B Capital Shares were tendered to the Company for retraction on December 15, 2011. The holders of the remaining 5,160,270 Class B Capital Shares will continue to enjoy the benefits of a leveraged participation in the capital appreciation of the Company's portfolio of publicly listed common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada and The Toronto-Dominion Bank while deferring the recognition of capital gains or capital losses which would otherwise be realized on the redemption of their Class B Capital Shares.The Class B preferred shares (the "Class B Preferred Shares") will be redeemed by the Company on December 15, 2011 in accordance with the redemption provisions detailed in the prospectus dated November 28, 2006. Pursuant to these provisions, the Class B Preferred Shares will be redeemed at a price per Class B Preferred Share equal to the lesser of $10.00 and the Net Asset Value per Unit determined on or about December 8, 2011. In order to maintain the leveraged "split share" structure of the Company, the Company intends to create and issue a new series of Class C preferred shares, which are expected to be issued following the redemption of the Class B Preferred Shares on December 15, 2011.The Class B Capital Shares and the Class B Preferred Shares of 5Banc Split are listed and posted for trading on the Toronto Stock Exchange under the symbols FBS.B and FBS.PR.B respectively.FOR FURTHER INFORMATION PLEASE CONTACT: Investor Relations5Banc Split Inc.416-982-2680