Top 10 Split Trust to redeem 19.8% of preferreds after fund extended

By Toni Weeks

San Diego, March 24 - Top 10 Split Trust announced that it will redeem about 19.8% of its preferred securities in order to maintain an equal number of the fund's outstanding preferreds and capital units.

According to a news release, the redemption is in connection with the recent approval by holders of the fund's preferreds and capital units of a proposal to extend the term of the fund for five more years until March 31, 2016 and for automatic successive five-year terms thereafter.

In connection with the extension of the fund, securityholders surrendered 284,227 preferreds and 741,330 capital units for retraction.

In order to maintain an equal number of preferreds and capital units, the fund will redeem 457,103 preferreds on a pro rata basis from all holders of record of the preferreds on March 31, representing about 19.8% of the issued and outstanding securities. The redemption price will be par of C$12.50 plus accrued interest.

Questions can be directed to Top 10 Split Trust investor relations (800 725-7172).

The trust invests exclusively in shares of the six largest Canadian banks and the four largest Canadian life insurance companies and is managed by Toronto-based Mulvihill Capital Management Inc.

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