TORONTO, ONTARIO--(Marketwired - Jan. 3, 2014) -
NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
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 37,833 Preferred Shares and up to 37,833 Class A Shares of the Corporation, representing approximately 10% of the public float, being 378,330 Preferred Shares and 378,330 Class A Shares as of the close of business of December 30, 2013. The Corporation will not purchase in any given 30-day period, in the aggregate, more than 7,566 Preferred Shares and 7,566 Class A Shares, representing approximately 2% of the issued and outstanding Preferred Shares and Class A Shares, being 378,330 Preferred Shares and 378,330 Class A Shares as of the close of business of December 30, 2013. Purchases of Securities under the NCIB may commence on January 7, 2014. 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 6, 2015.
On January 3, 2013, the Corporation announced that it was making a Normal Course Issuer Bid, which commenced January 7, 2013, to purchase up to 40,726 Preferred Shares and up to 40,726 Class A Shares through the facilities of the TSX. No Securities were repurchased under the bid, which will expire on January 6, 2014.