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)

Kenneth G. Copland
(Chairman, KGC Ltd.)

David M. Mann
(Counsel, Cox Hanson O' Reilly Matheson)

Patrick C. Lincoln

Robert Hall
(Managing Director, Scotia Capital Inc.)

Massimo Ceschia
Chief Financial Officer and Director
(Director, Scotia Capital Inc.)


Allbanc Split Corp. II was created to hold a portfolio (the "Portfolio Shares") of common shares of Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, 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 10/15/2020

Net Asset Value (NAV) per Unit $68.76
Units Outstanding 430,130
Market Capitalization $28,358,471
Expense Ratio 1.21%
IPO Date 02/09/2006
Redemption Date 02/28/2021

HidePreferred Shares
Ticker Symbol ALB.PR.C
Issue Price $25.67
Market Price (TSX) $25.73
Trailing 12-Month Distribution $1.2192
Current Yield 4.74%
Downside Protection 62.67%

HideCapital Shares
Ticker Symbol ALB
Issue Price $11.40
Market Price (TSX) $20.10
Net Asset Value $21.55
Premium/(Discount) to NAV -6.72%
Leverage Factor 1.71

General Information

Distribution Policy

Distributions on the Preferred Shares are fixed and cumulative and are paid quarterly. The Company revised its Capital Share dividend policy to pay a quarterly dividend on the Capital Shares equal to the dividends received on the underlying portfolio securities minus the dividends payable on the Preferred Shares and all administrative and operating expenses provided the net asset value per Unit at the time of declaration, after giving effect to the dividend, would be greater than the original issue price of the Preferred Shares. For historical distribution amounts, please see distribution information.

Retraction Rights

The following provides a summary of the retraction rights available to shareholders. Please refer to the prospectus 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 last day of each month or the preceding business day. A Capital Shareholder who surrenders two Capital Shares is 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 two Capital Shares in the market, less $1.00.

Concurrent Retraction

A holder who surrenders two Capital Shares together with 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 February 28 of each year. On that date Capital Shareholders who surrender two Capital Shares are entitled to receive the amount, if any, by which the unit value exceeds $25.67. If the holder tenders two Capital Shares and one Preferred Share, then the holder is entitled to receive an amount equal to the unit value. If the holder tenders 10,000 or more Capital Shares and $25.67 (plus $0.05 delivery charge for every two Capital Shares) in cash or one Preferred Share for every two Capital Shares tendered, 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 $25.67 to the extent that unmatched Capital Shares are retracted under a special annual retraction.


Dividends other than the capital gains dividends received by individuals on the Preferred or Capital Shares 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 amount of any capital gains dividend received by a holder of Preferred or Capital Shares will be considered to be a capital gain of the holder in the taxation year in which the capital gains dividend is received.

Return of capital payments to a holder of Preferred or Capital Shares will not be subject to tax but will reduce the adjusted cost base of the Preferred or Capital Shares to the holder.

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 net non-refundable tax liability.

Legal Notices

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.