Allbanc Split Corp. II Declares Quarterly Dividends

TORONTO, Feb. 9, 2021 /CNW/ - The Board of Directors of Allbanc Split Corp. II (the "Company") has declared today dividends of $0.3048 per Preferred Share and $0.17 per Capital Share, payable on February 26, 2021 to holders of record at the close of business on February 24, 2021.

The Class A Capital Shares ("Capital Shares") and Class B Preferred Shares, Series 2 ("Preferred Shares") will be redeemed by the Company in accordance with their terms on February 26, 2021 and the Company will wind up and terminate as soon as practicable after such date.

The redemption price for each Preferred Share will be an amount equal to the Series 2 Preferred Share Redemption Price (as defined in the provisions attaching to the Preferred Shares). The Series 2 Preferred Share Redemption Price will equal the lesser of (i) $25.67; and (ii) Unit Value (as defined in the provisions attaching to the Preferred Shares). The redemption price (the "Capital Share Redemption Price") for every two Capital Shares redeemed will be an amount equal to the amount, if any, by which the Unit Value exceeds $25.67.

Holders of Capital Shares who requested a redemption payment equal to the Capital Share Redemption Price in portfolio shares (rounded down to the nearest whole share) rather than cash gave notice to this effect and tendered $25.67 for every two Capital Shares by January 29, 2021 will receive portfolio shares. The redemption of Capital Shares and Preferred Shares will constitute a taxable disposition of the Company's shares at the time of redemption whether the payment is received in the form of cash or portfolio shares.

A further press release will be issued by the Company in connection with the redemption prices on February 24, 2021. Payment of the amounts due to holders of Capital Shares and Preferred Shares will be made by the Company on February 26, 2021.

Allbanc Split Corp. II is a mutual fund corporation created to hold a portfolio of publicly listed common shares of selected Canadian chartered banks.  Capital Shares and Preferred Shares of Allbanc Split Corp. II are listed for trading on The Toronto Stock Exchange under the symbols ALB and ALB.PR.C respectively.

SOURCE Allbanc Split Corp. II