TORONTO, ONTARIO--(Marketwire - March 15, 2012) - 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 firstname.lastname@example.org or visit our website at www.bromptongroup.com.
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