(TSX: BNK, BNK.PR.A) Big Banc Split Corp. (the “Company”) is pleased to announce that the board of directors of the Company has approved an extension of the maturity date of the Company’s class A shares (“Class A Shares”) and preferred shares (“Preferred Shares”) for an additional 3-year term to November 30, 2026 (the “New Term”) along with a significant increase in distribution rates for both Class A Shares and Preferred Shares. Effective December 1, 2023, the monthly distribution on Class A Shares will increase to $0.12 per Class A Share (or $1.44 per annum), representing a 14.8% yield per annum based on the closing price as at September 28, 2023. The monthly distributions on Preferred Shares will increase to $0.07 ($0.84 per annum), representing an 8.4% yield on the par value of $10.00 per Preferred Share (the “Preferred Share Distribution Rate”). Purpose Investments Inc. (“Purpose”) is the manager, portfolio manager and promoter of the Company and provides all administrative services required by the Company.

“Having carefully assessed the portfolio of the Company and its yield-generating potential, we are pleased to provide shareholders with an extension of the Company’s maturity date, along with material increases in monthly distribution rates on both the Class A Shares and Preferred Shares,” said Vlad Tasevski, Head of Asset Management and Head of Investors and Institutional Partners at Purpose Investments Inc. “We believe the Preferred Shares offer a very competitive combination of attractive monthly distributions and downside protection, while the Class A shares combine the opportunity for an enhanced capital appreciation with an attractive double-digit distribution yield per annum. We believe this emphasis on yield is consistent with our medium-term market outlook for the Company’s Portfolio,” added Tasevski.

The Company invests on an approximately equally weighted basis in a portfolio (the “Portfolio”) of equity securities (the “Portfolio Shares”) of the following publicly traded 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. In order to seek additional returns and enhance the Portfolio’s income, Purpose Investments Inc. (“Purpose Investments”), the Company’s manager, may write covered call options and cash-covered put options in respect of some or all of the Portfolio Shares held in the Portfolio.

In connection with the extension, holders of Class A Shares and Preferred Shares who do not wish to continue their investment in the Company will be able to retract their Preferred Shares or Class A Shares, as applicable, on November 30, 2023, pursuant to a special retraction right and receive a retraction price that is calculated in the same way that such price would be calculated if the Company were to terminate on November 30, 2023. Pursuant to this option, the retraction price may be less than the market price if the Class A Share or Preferred Share, as applicable, is trading at a premium to net asset value. To exercise this retraction right, shareholders must provide notice to their investment dealer by October 31, 2023, at 5:00 p.m. (Toronto time). Alternatively, shareholders may sell their Preferred Shares and/or Class A Shares through their securities dealer at the market price at any time, potentially at a higher price than would be achieved through retraction, or shareholders may take no action and continue to hold their Class A Shares or Preferred Shares.

About Purpose Investments Inc.Purpose Investments is an asset management company with more than $16 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, offering a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent, technology-driven financial services platform that is reshaping the industry by connecting and creating opportunities across asset management, wealth management and small business financial services.

For further information, please contact:Keera Hart Keera.Hart@kaiserpartners.com 905-580-1257

You will usually pay brokerage fees to your dealer if you purchase or sell shares of the investment funds on the Toronto Stock Exchange. If the securities are purchased or sold on the Toronto Stock Exchange or other market, you may pay more than the current net asset value when buying shares of the investment fund and may receive less than the current net asset value when selling them. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

Commissions, trailing commissions, management fees and expenses may all be associated with investment Fund investments. The prospectus contains important detailed information about the investment Fund. Please read the prospectus before investing. There is no assurance that any Fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investment Fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. Investment Funds are not guaranteed, their values change frequently, and past performance may not be repeated.

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