Business & Finance
Business and Finance
Business and Finance
Wed, January 4, 2012 First Asset CanBanc Split Corp. Announces Normal Course Issuer Bid for Preferred Shares and Class A Shares
January 04, 2012 12:02 ET
First Asset CanBanc Split Corp. Announces Normal Course Issuer Bid for Preferred Shares and Class A Shares
TORONTO, ONTARIO--(Marketwire - Jan. 4, 2012) - First Asset CanBanc Split Corp. (the "Corporation") (TSX:CBU.PR.A)(TSX:CBU) announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Corporation's Notice of Intention to make a Normal Course Issuer Bid (the "NCIB") to permit the Corporation to acquire its Preferred Shares and Class A Shares (collectively, the "Securities").
Pursuant to the NCIB, the Corporation proposes to purchase through the facilities of the TSX, from time to time, if it is considered advisable, up to 50,698 Preferred Shares and up to 50,698 Class A Shares of the Corporation, representing approximately 10% of the public float, being 506,982 Preferred Shares and 506,982 Class A Shares as of the close of business of January 2, 2012. The Corporation will not purchase in any given 30-day period, in the aggregate, more than 10,139 Preferred Shares and 10,139 Class A Shares, representing approximately 2% of the issued and outstanding Preferred Shares and Class A Shares, being 506,982 Preferred Shares and 506,982 Class A Shares as of the close of business of January 2, 2012. Purchases of Securities under the NCIB may commence on January 6, 2012. The Board of Directors of First Asset Investment Management Inc., the manager of the Corporation, believes that such purchases are in the best interests of the Corporation and are a desirable use of the Corporation's funds. All purchases will be made through the facilities of the TSX in accordance with its rules and policies. All Securities purchased by the Corporation pursuant to the NCIB will be cancelled. The NCIB will expire on January 5, 2013.
On December 31, 2010, the Corporation announced that it was making a Normal Course Issuer Bid, which commenced January 5, 2011, to purchase up to 65,998 Preferred Shares and up to 65,998 Class A Shares through the facilities of the TSX. The Corporation repurchased 7,600 Class A Shares and 7,600 Preferred Shares at an average price of $20.14 and $12.37 per unit, respectively, under the bid, which expires on January 4, 2012.
