Quadravest has announced:
Financial 15 Split Corp. II (the “Company”) is pleased to announce that shareholders have voted over 95% in favor of all management’s proposals at a shareholder meeting held earlier today. Management would like to sincerely thank shareholders and their advisors for this overwhelming level of support.
As a result, the termination date of the Company will be extended to December 1, 2019 and all other matters included with the resolutions approved at the meeting will be implemented.
Full details of the resolutions are contained in the Management Information Circular available on Sedar and the Company’s website.
The proposal, and my positive recommendation, was reported on PrefBlog. In case anybody’s wondering why they thanked their advisors:
The Company will also pay a dealer whose clients hold Shares of the Company a fee of $0.05 in respect of each Preferred Share and $0.10 in respect of each Class A Share voted by the client of such dealer in favour of the special resolutions, to a maximum payment of $1,000 per beneficial holder, and provided that such client does not retract the Shares so voted pursuant to the 2014 Special Retraction Right.
FFN.PR.A is tracked by HIMIPref™, but relegated to the Scraps index on credit concerns.
I have processed the change of terms in the HIMIPref™ database, changing the security code from A45261 to A45262. I have assigned a rate of 5.25% for the extended term since:
authorizing the Board of Directors to amend the Articles to permit the Company to provide for a prescribed minimum annual rate of cumulative preferential monthly dividends to be payable on the Preferred Shares for the five year period commencing December 1, 2014 and for each five year extension of the term of the Company thereafter, and to establish a prescribed minimum rate of 5.25% of the Preferred Share Repayment Amount (as defined in the Circular) for the period from December 1, 2014 to November 30, 2019;
It seems unlikely, given current market conditions, that the dividend rate declared for the initial five year extension term will be in excess of the 5.25% minimum, but that will be decided prior to the end of September, 2014. So if it’s more, I’ll just have to change the HIMIPref™ database terms again.
This entry was posted on Wednesday, May 14th, 2014 at 6:01 pm and is filed under Data Changes, Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
FFN.PR.A Term Extended
Quadravest has announced:
The proposal, and my positive recommendation, was reported on PrefBlog. In case anybody’s wondering why they thanked their advisors:
FFN.PR.A is tracked by HIMIPref™, but relegated to the Scraps index on credit concerns.
I have processed the change of terms in the HIMIPref™ database, changing the security code from A45261 to A45262. I have assigned a rate of 5.25% for the extended term since:
It seems unlikely, given current market conditions, that the dividend rate declared for the initial five year extension term will be in excess of the 5.25% minimum, but that will be decided prior to the end of September, 2014. So if it’s more, I’ll just have to change the HIMIPref™ database terms again.
This entry was posted on Wednesday, May 14th, 2014 at 6:01 pm and is filed under Data Changes, Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.