Allbanc Split to redeem $6.53 million of preferred shares on March 10

By Melissa Kory

Cleveland, Feb. 24 - Allbanc Split Corp. announced that it will redeem 244,293 preferred shares, or about 23.003% of the preferreds outstanding, for cash on March 10.

The redemption is the result of the special annual retraction of 244,293 capital shares by holders.

The preferreds will be redeemed on a pro rata basis at $26.75 per share.

Holders of preferreds that are on record for dividends but have been called for redemption will be entitled to receive dividends that have been declared but remain unpaid up to, but excluding, March 10.

From and after March 10, holders of preferreds that have been called for redemption will not be entitled to dividends.

Allbanc is a Toronto-based mutual fund corporation created to hold a portfolio of publicly listed common shares of selected Canadian chartered banks.

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