5Banc Split calls 1.5 million preferred shares

New York, Dec. 1 - 5Banc Split Inc. said it will redeem 1,513,911 preferred shares on Dec. 15.

Holders will receive C$10.00 per preferred plus unpaid dividends up to Dec. 15.

5Banc Split said the action is a result of holders of 1,513,911 capital shares exercising their special annual retraction rights.

Preferred holders will see 18.3% of their securities redeemed on a pro rata basis.

Holders of a further 393,371 preferred and capital shares have deposited the shares concurrently for retraction on Dec. 15.

5Banc Split was established to generate dividend income for holders of the preferred shares while providing holders of the capital shares with a leveraged opportunity to participate in capital appreciation from a portfolio of common shares of Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada and Toronto-Dominion Bank.

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