Great-West Lifeco has announced:
that it intends to redeem all 7,938,500 of its outstanding 4.70% Non-Cumulative First Preferred Shares, Series D (the “Series D Shares”) on March 31, 2010. The redemption price will be $25.25 for each Series D Share plus an amount equal to all declared and unpaid dividends, net of any tax required to be withheld by the Company. A notice of redemption of the Series D Shares will be sent in accordance with the rights, privileges, restrictions and conditions attached to the Series D Shares.
GWO.PR.E was last mentioned on PrefBlog in the post GWO.PR.E / GWO.PR.X Issuer Bid Update, which in turn has been mentioned every time somebody asks me about buy-backs (for instance, Repurchase of Preferred Shares by Issuer and Potential for Buy-backs and Unscheduled Exchanges).
There’s another issue gone from the rapidly dwindling HIMIPref™ OperatingRetractible index!
…net of any tax required to be withheld by the Company….
Is it a standard clause ?( for non resident by exemple) so that a canadian taxpayer will receive 25.25+ due interest .
Thank you
I don’t know why they put that in. The paid-up capital on GWO.PR.E is $25.00, so there’s no unusual deemed dividend – although note that the $0.25 premium to par is taxable as a dividend.
Could this one also be updated on prefinfo as redeemed…
Done!