Canadian Banc Recovery Corp. Announces Special Meeting of Shareholders
September 06 2011 - 5:18PM
Marketwired
The Board of Directors of Canadian Banc Recovery Corp. ("The
Company") today announced that a special meeting of the holders of
the Company's Preferred Shares and Class A Shares will be held at
10:00 a.m. (Eastern standard time) on Thursday, November 3, 2011.
The purpose of the meeting is to consider a special resolution to
extend the mandatory termination date for the Company from December
1, 2012 to December 1, 2018. Shareholders of record at the close of
business on September 29, 2011 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.
If the extension is approved, Class A Shareholders and Preferred
Shareholders will be provided with a Special Retraction right which
is designed to provide Shareholders with an opportunity to retract
their Shares 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 December 1, 2012 as originally
contemplated.
The Company invests in a portfolio of six publicly traded
Canadian Banks as follows: Bank of Montreal, Canadian Imperial Bank
of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of
Nova Scotia, Toronto-Dominion Bank. Shares held within the
portfolio are expected to range between 5-20% in weight but may
vary at any time. To generate additional returns above the dividend
income earned on the portfolio, the Company will engage in a
selective covered call writing program.
Contacts: Canadian Banc Recovery Corp. Investor Relations
416-304-4443, toll free at 1-877-4-Quadra www.primerateplus.com
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