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
(Chairman, Morrison Park Advisors)

James D. Hinds
(Corporate Director)

E. Stuart Griffith
(Corporate Director and Consultant)

Terry A. Jackson
(Corporate Director)

Robert Hall
(Managing Director, Scotia Capital Inc.)


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.

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.


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.


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.

You will usually pay brokerage fees to your dealer if you purchase or sell units of the investment fund on the TSX (or other eligible market) where the investment fund is listed and quoted. If the units are purchased or sold on the TSX or other market, investors may pay more than the current net asset value when buying units of the investment fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning units of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in these documents. The indicated rates of return on this site are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account certain fees such as redemption fees or optional charges or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.