SNH.PR.U to Mature on Schedule

SNP Health Split Corp. has announced:

The Capital Shares and Preferred Shares will be redeemed by the Company on February 11, 2009 in accordance with the redemption provisions of the shares. Pursuant to these provisions, the Preferred Shares will be redeemed at a price per share equal to the lesser of $25.00 and the Net Asset Value per Unit. The Capital Shares will be redeemed at a price equal to the amount (for every two capital shares) by which the Net Asset Value per Unit exceeds $25.00.

The NAVPU is $28.70 as of January 15 according to Scotia Managed Companies. Not a very successful split corporation as far as the capital unitholders are concerned … capital units were issued at $11.15. On the bright side, though, I might use the handy graph of performance as an illustration of the difference between preferreds and capital!

SNH.PR.U was last mentioned on PrefBlog when it was downgraded to Pfd-5(high) by DBRS. SNH.PR.U is not tracked by HIMIPref™.

One Response to “SNH.PR.U to Mature on Schedule”

  1. […] The intent to proceed with the maturity has been discussed on PrefBlog. […]

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