Brompton Split Banc Corp. Approves Extension
March 29 2012 - 3:51PM
Marketwired
(TSX:SBC)(TSX:SBC.PR.A) At a special meeting of preferred and class
A shareholders ("Shareholders") of Brompton Split Banc Corp.
("SBC") held today, Shareholders approved a special resolution to
extend the term of SBC for up to 5 years beyond the scheduled
termination date of November 30, 2012 and thereafter for successive
terms of up to 5 years as determined by the SBC board of directors.
The extension allows Shareholders to continue to enjoy the benefit
of SBC's portfolio of common shares of six 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). Canadian banks have stood out amongst their
global peers as examples of stability over the long term and
through the credit crisis and continue to maintain attractive
dividend yields and return on equity. Shareholders will continue to
have monthly and annual retraction rights except that the annual
retraction date will be advanced forward from the second last
business day of December to the second last business day of
November commencing in 2013.
In addition to the daily liquidity provided by the TSX listings,
shareholders who do not wish to continue their investment may
redeem either their preferred shares or class A shares on November
30, 2012 and each extension of the term thereafter on the same
terms that currently exist. SBC will announce the term of the
initial extension by news release no later than October 1, 2012.
Further details are available in the management information
circular dated March 1, 2012.
About Brompton Funds
Brompton Funds, a division of Brompton Group, is a leading and
experienced closed-end fund manager. Brompton is focused on meeting
the needs of investors by offering low cost, innovative products
with client friendly terms and supported by strong corporate
governance. For further information, please contact your investment
advisor, call Brompton's investor relations line at 416-642-9051,
toll-free at 1-866-642-6001, email at info@bromptongroup.com or
visit our website at www.bromptongroup.com.
Commissions, trailing commissions, management fees and expenses
all may be associated with investment funds. Please read the fund's
publicly filed documents which are available from SEDAR at
www.sedar.com. Investment funds are not guaranteed, their values
change frequently and past performance may not be repeated.
Certain statements contained in this news release constitute
forward-looking information within the meaning of Canadian
securities laws. Forward-looking information may relate to matters
disclosed in this press release and to other matters identified in
public filings relating to the Fund, to the future outlook of the
Fund and anticipated events or results and may include statements
regarding the future financial performance of the Fund. In some
cases, forward-looking information can be identified by terms such
as "may", "will", "should", "expect", "plan", "anticipate",
"believe", "intend", "estimate", "predict", "potential", "continue"
or other similar expressions concerning matters that are not
historical facts. Actual results may vary from such forward-looking
information.
Contacts: Brompton Funds Investor Relations 416-642-9051 or
toll-free at 1-866-642-6001info@bromptongroup.com
www.bromptongroup.com
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