Allbanc Split Corp. II Confirms Final Redemption Date

TORONTO, Oct. 23, 2020 /CNW/ - Allbanc Split Corp. II (the "Company"), announced today that all of its issued and outstanding 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 that 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 wish to receive a redemption payment equal to the Capital Share Redemption Price in portfolio shares (rounded down to the nearest whole share) rather than cash must give notice to this effect to the Company and tender $25.67 for every two Capital Shares redeemed to the Company no later than January 29, 2021. Dealers and CDS may have deadlines earlier than January 29, 2021 for receiving such notice. Accordingly, a holder who wishes to receive portfolio shares on the final redemption should contact their dealer sufficiently in advance of January 29, 2021 to ensure that their dealer is provided sufficient time to deliver such notice to CDS before the deadline set by CDS for receiving those notices. Holders of Capital Shares who do not give the required 20 business days' notice will be deemed to have chosen to be paid in cash.

The payment of the amount due to holders of the redeemed Capital Shares and Preferred Shares will be made by the Company on February 26, 2021.

The Capital Shares and Preferred Shares will be delisted from the Toronto Stock Exchange on or about 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