Company Details

Directors and Officers

The following are the names, office(s) held and principal occupations of the directors and officers of the Company:

Brian D. McChesney
President, Chief Executive Officer and Director
(Corporate Director)

Stephen D. Pearce
Chief Financial Officer, Secretary and Director
(Director, Scotia Capital Inc.)

Robert C. Williams
Director
(Chairman, Morrison Park Advisors)

James D. Hinds
Director
(Corporate Director)

E. Stuart Griffith
Director
(Corporate Director and Consultant)

Terry A. Jackson
Director
(Corporate Director)

Michael K. Warman
Director
(Corporate Director)

Robert Hall
Director
(Managing Director, Scotia Capital Inc.)


Profile

AllBanc Split Corp. was created to hold a portfolio of common shares of Bank of Montreal, Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, Royal Bank of Canada and The Toronto-Dominion Bank in order to generate dividend income for the holders of the Company's Preferred Shares and to enable the holders of the Company's Capital Shares to participate in any capital appreciation in the portfolio shares and to benefit from any increase in the dividends payable on the portfolio shares.

Summary Statistics as at 06/22/2017

HideUnits
Net Asset Value (NAV) per Unit $100.23
Units Outstanding 525,736
Market Capitalization $51,869,114
Expense Ratio 0.63%
IPO Date 02/25/1998
Redemption Date 03/09/2018

HidePreferred Shares
Ticker Symbol ABK.PR.C
Issue Price $31.64
Market Price (TSX) $31.66
Trailing 12-Month Distribution $1.2656
Current Yield 4.00%
Downside Protection 68.43%

HideCapital Shares
Ticker Symbol ABK.A
Issue Price $41.88
Market Price (TSX) $67.00
Net Asset Value $68.59
Premium/(Discount) to NAV -2.32%
Leverage Factor 1.50

General Information

Distribution Policy

Dividends are fixed and cumulative and are paid quarterly on the Preferred Shares. For historical dividend amounts please see Distributions.

Retraction Rights

The following provides a summary of the retraction rights available to shareholders. Please refer to the prospectus and information circulars for complete details.
Unlike most mutual funds the Capital and Preferred Shares are listed allowing holders to exit by selling their Shares. In addition, they are also retractable at any time. Because of the manner in which the retraction prices are calculated, investors are almost always better off selling their Shares on the market rather than retracting them. It should be noted that all the retractions listed below constitute a taxable disposition of the Company's Shares at the time of the retraction whether the retraction is received in the form of cash or portfolio shares.

Regular Retraction

Capital and Preferred Shares may be surrendered for retraction at any time for payment on the tenth day of each month or the preceding business day. Capital Shareholders are entitled to receive 95% of the unit value less the cost of purchasing a Preferred Share, less $1.00. Preferred Shareholders who elect to retract are entitled to a payment equal to 95% of the unit value less the cost of purchasing a Capital Share in the market, less $1.00.

Concurrent Retraction

A holder who concurrently retracts one Capital Share and one Preferred Share will be entitled to receive 95% of the unit value, less $1.00.

Special Annual Retraction

The special annual retraction date occurs on March 10th of each year. On that date Capital Shareholders are entitled to receive the amount, if any, by which the unit value exceeds $31.64. If the holder tenders one Capital Share and one Preferred Share, then the holder is entitled to receive an amount equal to the unit value. If the holder tenders 5,000 or more Capital Shares and $31.64 in cash or one Preferred Share for each tendered Capital Share, such holder may instead choose to receive a pro rata interest in the common shares held by the Company.

Redemption

The Company may redeem Preferred Shares on any annual retraction date at a price per Share equal to $31.64 to the extent that Capital Shares are retracted under a special annual retraction.

Taxation

Dividends received by individual Preferred Shareholders will be subject to the normal gross-up and dividend tax credit rules applicable to dividends received on shares of a taxable Canadian corporation.
The Company qualifies as a "mutual fund corporation" and a "financial intermediary corporation" as defined in the Income Tax Act (Canada). As a result thereof and after deduction of expenses in computing its income, the Company does not anticipate that it will be subject to any material non-refundable income tax liability.