Brompton Split Banc Corp. Announces Special Meeting of Shareholders
31 Enero 2012 - 4:21PM
Marketwired
Brompton Split Banc Corp. (TSX:SBC)(TSX:SBC.PR.A) ("SBC") announces
that its board of directors (the "Board") has approved a proposal
to extend the term of SBC beyond its current final redemption date
of November 30, 2012. Under the proposal, the term of SBC may be
extended for an additional term of up to 5 years, as determined by
the Board. In addition, the termination date may be extended
further for successive terms of up to 5 years thereafter, as
determined by the Board. The distribution rates on the preferred
shares and class A shares for the new term will be announced prior
to the extension of the term. If the proposal is approved, class A
shareholders and preferred shareholders will be provided a special
retraction right which is designed to provide shareholders with an
additional option to retract either preferred shares or class A
shares at the end of each term (and each successive term
thereafter) and receive a retraction price that is calculated in
the same way that such price would be calculated if SBC were to
terminate on November 30, 2012.
SBC invests in a portfolio, on an approximately equal weight
basis, in common shares of 6 Canadian Banks: Bank of Montreal,
Canadian Imperial Bank of Commerce, National Bank of Canada, Royal
Bank of Canada, The Bank of Nova Scotia and The Toronto-Dominion
Bank.
SBC will hold a special meeting of holders of preferred shares
and class A shares on March 29, 2012 to consider and vote upon the
proposal. Shareholders of record at the close of business on
February 28, 2012 will be provided with the notice of meeting and
management information circular in respect of the meeting and will
be entitled to vote at the meeting. The proposal is also subject to
any required regulatory approvals.
Further details regarding the proposal will be contained in the
management information circular. The circular will also be
available on www.sedar.com and posted at www.bromptongroup.com.
About Brompton Funds
Brompton Funds, a division of Brompton Group, is a leading and
experienced closed-end fund manager. Brompton is focused on meeting
the needs of investors by offering low cost, innovative products
with client friendly terms and supported by strong corporate
governance. For further information, please contact your investment
advisor, call Brompton's investor relations line at 416-642-9051,
(toll-free at 1-866-642-6001) email info@bromptongroup.com or visit
our website at www.bromptongroup.com.
Commissions, trailing commissions, management fees and expenses
all may be associated with investment funds. Please read the fund's
publicly filed documents which are available from SEDAR at
www.sedar.com. Investment funds are not guaranteed, their values
change frequently and past performance may not be repeated.
Certain statements contained in this news release constitute
forward-looking information within the meaning of Canadian
securities laws. Forward-looking information may relate to matters
disclosed in this press release and to other matters identified in
public filings relating to the Funds, to the future outlook of the
Funds and anticipated events or results and may include statements
regarding the future financial performance of the Funds. In some
cases, forward-looking information can be identified by terms such
as "may", "will", "should", "expect", "plan", "anticipate",
"believe", "intend", "estimate", "predict", "potential", "continue"
or other similar expressions concerning matters that are not
historical facts. Actual results may vary from such forward-looking
information for a variety of reasons, including those set forth
below.
Contacts: Brompton Funds Investor Relations 416-642-9051 or
toll-free: 1-866-642-6001info@bromptongroup.com
www.bromptongroup.com
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