-- Big Banc Split (BNK.TO) intends to complete a stock split of its Class A shares, citing strong performance of the shares, the fund said late on Friday.
Class A shareholders of record at the close of business on May 1 will receive 20 additional Class A shares for every 100 Class A shares held.
At completion of the share split, the Class A shares are expected to begin trading on an ex-split basis at the opening of trading on May 4.
The preferred shares of the fund will not be affected and are expected to have downside protection from a decline in the value of the fund's portfolio of about 60%.
Class A unitholders will continue to receive regular monthly non-cumulative cash distributions initially in the amount of $0.12 per Class A share, or $1.44 per year, following the Share Split. As a result, the total dollar amount of distributions to be paid to the holders of Class A shares is expected to increase by about 20%.
The share split is subject to the approval of the Toronto Stock Exchange.