Exchange Bulletin
Big Banc Split Corp. (BNK, BNK.PR.A) To Trade On Toronto Stock Exchange
June 24, 2020
Issuer: Big Banc Split Corp. (the "Company")
| Security | Symbol | Issued and Outstanding Securities | Reserved Securities | Issue Price |
|---|---|---|---|---|
| Class A Shares | BNK | up to 3,500,000 | up to 525,000 | $10.00 |
| Preferred Shares | BNK.PR.A | up to 3,500,000 | up to 525,000 | $10.00 |
| Listing category: | Non-Corporate |
| Trading currency: | CDN$ |
| Transaction: | Initial public offering of Class A Shares and Preferred Shares (the "Offering") |
| Listing date: | June 25, 2020 (as at 5:01 pm) in anticipation of closing of the Offering. |
| Anticipated closing date: | June 26, 2020 (prior to the opening) |
| Posted for trading date: | June 26, 2020 (at the opening) subject to confirmation of closing of the Offering. |
| Other market(s): | None |
| Designated market maker: | National Bank Financial Inc. |
| Security ownership registration: | CDS book-entry only system |
| Investor relations: | Matt Padanyi (877) 789-1517 Email: info@purposeinvest.com |
| Incorporation: | The Company is a mutual fund corporation established under the laws of the Province of Ontario on May 15, 2020. |
| Manager: | Purpose Investments Inc. |
| Fiscal year end: | December 31 |
| Nature of business: | The Company will invest on an approximately equally-weighted basis in a portfolio (the "Portfolio") of equity securities of the following publicly traded Canadian banks: Bank of Montreal; Canadian Imperial Bank of Commerce; National Bank of Canada; Royal Bank of Canada; The Bank of Nova Scotia; and The Toronto-Dominion Bank. In order to seek to generate additional returns and enhance the Portfolio's income, the Manager may write covered call options and cash covered put options in respect of some or all of the Portfolio Shares held in the Portfolio. |
| Transfer agent and registrar: | TSX Trust Company at its principal offices in Toronto. |
| Distributions: | Class A Shares: The Company will pay monthly non-cumulative distributions to the holders of Class A Shares. The monthly cash distribution is targeted to be $0.067 per Class A Share until November 30, 2023, subject to extension for successive terms of up to 3 years, representing a yield on the issue price of a Class A Share of 8.0% per annum. Such distributions will be paid on before the 15th day of the month following the month in respect of which the distribution is declared payable. No distributions will be paid on the Class A Shares (i) if the distributions payable on the Preferred Shares are in arrears, or (ii) in respect of a cash distribution by the Company, the NAV per Unit would be less than $15.00. The first distribution will be pro-rated to reflect the period from the Closing Date to September 30, 2020. Preferred Shares: Holders of record of Preferred Shares on the last Business Day of each of month will be entitled to receive fixed, cumulative preferential monthly cash distributions equal to $0.05 per Preferred Share until November 30, 2023, subject to extension for successive terms of up to 3 years. On an annualized basis, this would represent an amount of $0.60 per annum or a yield on the Preferred Share issue price of approximately 6.0%. The first distribution will be pro-rated to reflect the period from the Closing Date to September 30, 2020. |
| Sponsorship: | Not applicable |
| Offering document: | Prospectus dated June 16, 2020, which is available at www.SEDAR.com. Capitalized terms not otherwise defined herein are as defined in the Prospectus. |
| Initial public offering: | Pursuant to the terms of the Prospectus, up to 3,500,000 Class A Shares at a subscription price of $10.00 per Class A Share and up to 3,500,000 Preferred Shares at a subscription price of $10.00 per Preferred Share, are being offered to the public. |
| TSX contact: | Chris Birkett, Managing Director, Toronto Stock Exchange. |