TORONTO, ONTARIO--(Marketwire - March 29, 2012) - (TSX:SBC)(TSX:SBC.PR.A) At a special meeting of preferred and class A shareholders ("Shareholders") of Brompton Split Banc Corp. ("SBC") held today, Shareholders approved a special resolution to extend the term of SBC for up to 5 years beyond the scheduled termination date of November 30, 2012 and thereafter for successive terms of up to 5 years as determined by the SBC board of directors. The extension allows Shareholders to continue to enjoy the benefit of SBC's portfolio of common shares of six Canadian banks (Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, The Bank of Nova Scotia and The Toronto-Dominion Bank). Canadian banks have stood out amongst their global peers as examples of stability over the long term and through the credit crisis and continue to maintain attractive dividend yields and return on equity. Shareholders will continue to have monthly and annual retraction rights except that the annual retraction date will be advanced forward from the second last business day of December to the second last business day of November commencing in 2013.
In addition to the daily liquidity provided by the TSX listings, shareholders who do not wish to continue their investment may redeem either their preferred shares or class A shares on November 30, 2012 and each extension of the term thereafter on the same terms that currently exist. SBC will announce the term of the initial extension by news release no later than October 1, 2012. Further details are available in the management information circular dated March 1, 2012.
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 at firstname.lastname@example.org or visit our website at www.bromptongroup.com.
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.
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 Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. 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.