5banc Split announces redemption of portions of preferred shares

By Ashley Montgomery

Kansas City, Kan., Nov. 30 - 5banc Split Inc. plans to redeem 437,150 preferred shares on Dec. 14, according to a news release.

The shares will be redeemed at $10 per share in cash.

The company said the holders of the shares exercised their special annual retraction rights.

5Banc Split was established to generate dividend income for holders of the preferreds 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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