TORONTO, Feb. 9, 2021 /CNW/ - The Board of Directors of
Allbanc Split Corp. II (the "Company") has declared today dividends
of $0.3048 per Preferred Share and
$0.17 per Capital Share, payable on
February 26, 2021 to holders of
record at the close of business on February
24, 2021.
The Class A Capital Shares ("Capital Shares") and Class B
Preferred Shares, Series 2 ("Preferred Shares") will be redeemed by
the Company in accordance with their terms on February 26, 2021 and the Company will wind up
and terminate as soon as practicable after such date.
The redemption price for each Preferred Share will be an amount
equal to the Series 2 Preferred Share Redemption Price (as defined
in the provisions attaching to the Preferred Shares). The Series 2
Preferred Share Redemption Price will equal the lesser of (i)
$25.67; and (ii) Unit Value (as
defined in the provisions attaching to the Preferred Shares). The
redemption price (the "Capital Share Redemption Price") for every
two Capital Shares redeemed will be an amount equal to the amount,
if any, by which the Unit Value exceeds $25.67.
Holders of Capital Shares who requested a redemption payment
equal to the Capital Share Redemption Price in portfolio shares
(rounded down to the nearest whole share) rather than cash gave
notice to this effect and tendered $25.67 for every two Capital Shares by
January 29, 2021 will receive
portfolio shares. The redemption of Capital Shares and Preferred
Shares will constitute a taxable disposition of the Company's
shares at the time of redemption whether the payment is received in
the form of cash or portfolio shares.
A further press release will be issued by the Company in
connection with the redemption prices on February 24, 2021. Payment of the amounts due to
holders of Capital Shares and Preferred Shares will be made by the
Company on February 26, 2021.
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.C respectively.
SOURCE Allbanc Split Corp. II