Business
Canadian Banc Capital Securities Trust Announces Unitholder Approval of Extension Proposal
TORONTO , June 9, 2014 /CNW/ - Aston Hill Capital Markets Inc. ("Aston Hill") as Manager ...
About this update from Flow Capital Corp.
[{"type":"text","content":"\n\nTORONTO, June 9, 2014 /CNW/ - Aston Hill Capital Markets Inc. (\"Aston Hill\") as Manager of Canadian Banc Capital Securities Trust (the \"Fund\") announced that at a special meeting of holders of the Fund's units (\"Unitholders\") held today, Unitholders overwhelmingly approved the extension of the term of the Fund. The extension will involve; \n\n\n\n(i)      \n\n\n\n\n\n\nextending the redemption date permitting Unitholders to hold their investment to June 30, 2019; and\n\n\n\n\n\n\n\n\n\n\n(ii) \n\n\n\n\n\n\nthe change of the mandate to broaden the geographic scope and to expand the types of bank capital securities that are eligible for inclusion in the portfolio.\n\nUnitholders who do not wish to extend their investment have the option of redeeming their units as originally contemplated on June 30, 2014 by giving written notice no later than 5:00 p.m. (Toronto time) on June 18, 2014.  Unitholders wishing to exercise such right should contact their broker or intermediary in order to arrange for submission of such notice.\n\nIn order for the extension to become effective, holders of at least 925,000 Class A Units (being approximately 46% of the issued and outstanding Class A Units currently outstanding) must retain their Units and not redeem them on June 30, 2014.  If fewer than 925,000 Class A Units would remain outstanding, the Fund will redeem all of the Units on June 30, 2014 on the same terms as originally contemplated.  The Fund will issue a further press release following the June 18, 2014 redemption notice submission deadline.\n\nDetails of the extension are outlined in the information circular prepared in connection with the special meeting which is available on www.sedar.com.   \n\nAbout Canadian Banc Capital Securities Trust\n\nThe Fund is an investment trust whose investment objectives are to (i) provide Unitholders with attractive tax-advantaged quarterly cash distributions, and (ii) return to Unitholders the original issue price of the Units upon termination of the Fund. Distributions are initially targeted to be $1.50 per annum per Unit consisting primarily of returns of capital, representing a yield on the Unit issue price of 6.0% per annum. The Fund will seek to achieve its investment objectives through exposure to an actively managed portfolio consis...