# Life & Banc Split



## agent99 (Sep 11, 2013)

Just noticed retraction notice on BMO site for this split. How would you read this? They say that we must submit instructions for both "events". Do they mean Option 1 and Option 99? If so why?, if Option 99 is Do Nothing and the default? 

Maybe they meant that separate instructions should be given to tender for the Class A and the Pfds? 





> *Must submit instructions under BOTH events*
> 
> Option 1: Cash (CAD) - Annual Concurrent Retraction (Must tender equal number of Class A and Preferred share) (see Important Notes)
> To receive a Retraction Price per Unit equal to the NAV per Unit on that date, less any costs associated with the retraction, including commissions and other such costs, if any, related to the liquidation of any portion of the Portfolio required to the fund such retraction.
> ...


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## Testing-Testing-123 (Nov 2, 2017)

I have some of these.....have held them for a few years and done very well with them. If you want to hold them do nothing and it remains status quo....If you want out, you have to submit equal shares from both for no penalty.


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## fireseeker (Jul 24, 2017)

Hi Agent, the reference to “both” in the quoted material is confusing. Clearly a holder chooses only one option.

My guess is this: LBS, like many closed-end funds, offers both a monthly and annual retraction. The monthly option is undesirable (paying only 96% of value, at best), so it is rarely used.
However, I imagine that if one wished to surrender to the annual retraction, you might also have to decline the monthly retraction option.
As the default option is to do nothing, you would practically be making only one choice.

Suggest reading the Annual Information Form on the LBS page on the Brompton website for further clarity.


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## agent99 (Sep 11, 2013)

fireseeker said:


> Hi Agent, the reference to “both” in the quoted material is confusing. Clearly a holder chooses only one option.
> 
> Suggest reading the Annual Information Form on the LBS page on the Brompton website for further clarity.


It appears from notice on BMOIL that this is the annual concurrent retraction offer. IOW you have to retract equal amounts of capital and pfds. I tried to find the same document on Brompton site as well as on Sedar, but with no luck. May just be me.... There are also special retraction offer for Div Growth and Div 15 splits.

Next time I speak to BMOIL, I will tell them that I am choosing to do nothing


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## fireseeker (Jul 24, 2017)

Doing nothing is usually the best strategy when it comes to investing!

Here is the 2018 Annual Information Form:
http://www.bromptongroup.com/wp-content/uploads/2019/03/LBS_AIF_2018.pdf


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## agent99 (Sep 11, 2013)

fireseeker said:


> Doing nothing is usually the best strategy when it comes to investing!
> 
> Here is the 2018 Annual Information Form:
> http://www.bromptongroup.com/wp-content/uploads/2019/03/LBS_AIF_2018.pdf


I did find that, but was looking for a similar notice to the one that I saw on BMOIL. Could not find anything LBS related dated 2019 on Brompton site or on Sedar. Just wanted to compare wording if Notice could be found.

Anyway, no big deal. Was just curious about the wording in the notice!


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## Eclectic12 (Oct 20, 2010)

I don't recall seeing a notice about retraction rights on the split company's web site nor on Sedar for retraction events. Just the prospectus and the letter from my broker outlining the event is coming up, the deadline to submit instructions to trigger it and a statement that doing nothing means keeping the investment without using the retraction right.

It's weird that BMO mentions "Both Events", unless this is a generic notice that covers both the monthly and annual retractions?

There's also the May 29th, 2019 Prospectus Supplement document that also outlines the monthly retraction and annual concurrent retraction rights. 


Cheers


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