Allbanc Split to redeem $6.03 million of preferred shares on Feb. 28

By Tali Rackner

Norfolk, Va., Feb. 14 - Allbanc Split Corp. II called 276,603 preferred shares, or about 23.118%, for redemption on Feb. 28, according to a press release.

The redemption is the result of the special annual retraction of 533,206 capital shares by holders.

The preferreds will be redeemed on a pro rata basis at $21.80 per share.

Holders of preferreds that are on record for dividends but have been called for redemption will be entitled to receive dividends that have been declared but remain unpaid up to, but excluding, Feb. 28.

From and after Feb. 28, holders of preferreds that have been called for redemption will not be entitled to dividends.

Allbanc is a Toronto-based mutual fund corporation created to hold a portfolio of publicly listed common shares of selected Canadian chartered banks.

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