Brompton Split Banc Corp. Announces Independent Recommendation in Favour of Proposed Extension
16 March 2012 - 2:17AM
Marketwired
Brompton Split Banc Corp. (TSX:SBC)(TSX:SBC.PR.A) ("SBC") is
pleased to announce that ISS Proxy Advisory Services ("ISS"), a
leading provider of proxy advisory services, supports extension of
the term of SBC.
In making its recommendation, ISS concluded "The proposed
re-organization will extend the life of the fund, which should
allow shareholders to continue to maintain their investments and
potentially defer capital gains tax liabilities that may have been
incurred. Shareholder rights are also protected from downside risk
of this extension due to the special retraction rights that have
been granted if they choose not to participate in the
re-organization. In light of these rights and the relatively modest
costs that are expected to be incurred to implement the
re-organization, shareholder support for this transaction is
warranted."
SBC previously announced that it will be holding a shareholder
meeting on March 29, 2012 to consider and vote upon a special
resolution to extend the term of SBC. Full details including the
benefits of the extension are contained in the management
information circular which was mailed to all SBC shareholders
earlier this month together with a voting instruction form. Holders
are requested to submit their vote at their earliest convenience
and prior to the proxy deadline of March 27, 2012.
Permission to quote from the ISS report dated March 13, 2012 was
neither sought nor obtained.
About Brompton Funds
Brompton Funds, a division of Brompton Group, is a leading and
experienced closed-end fund manager. Brompton is focused on meeting
the needs of investors by offering low cost, innovative products
with client friendly terms and supported by strong corporate
governance. For further information, please contact your investment
advisor, call Brompton's investor relations line at 416-642-9051,
(toll-free at 1-866-642-6001) email info@bromptongroup.com or visit
our website at www.bromptongroup.com.
Certain statements contained in this news release constitute
forward-looking information within the meaning of Canadian
securities laws. Forward-looking information may relate to matters
disclosed in this press release and to other matters identified in
public filings relating to the Funds, to the future outlook of the
Funds and anticipated events or results and may include statements
regarding the future financial performance of the Funds. In some
cases, forward-looking information can be identified by terms such
as "may", "will", "should", "expect", "plan", "anticipate",
"believe", "intend", "estimate", "predict", "potential", "continue"
or other similar expressions concerning matters that are not
historical facts. Actual results may vary from such forward-looking
information.
Commissions, trailing commissions, management fees and expenses
all may be associated with investment funds. Please read the fund's
publicly filed documents which are available from SEDAR at
www.sedar.com. Investment funds are not guaranteed, their values
change frequently and past performance may not be repeated.
Contacts: Brompton Funds Investor Relations 416-642-9051 or
toll-free: 1-866-642-6001info@bromptongroup.com
www.bromptongroup.com
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