The dividends - both common and preferred shares
- will all be payable on October 27, 2017 to shareholders of record at the close of business on October 3, 2017.
The rationale for maintaining both the TPS rules and the taxable preferred share
rules was a concern that financial institutions would build a portfolio of preferred shares
that were really disguised loans in order to avail themselves of the $500,000 dividend allowance for taxable preferred shares
Beneficial owners of Series 5 Preferred Shares
who wish to exercise their right of conversion should instruct their broker or other nominee to exercise such right before 5:00 p.
The Fund will redeem 100% (2,050 shares) of its then outstanding Series F Auction Rate Preferred Shares
par value $.
75% Series A-4-1 Perpetual Preferred Shares
("Series A-4-1 Preferred Shares
") and $7,500 per share on its 6.
The convertible preferred shares
would be exchangeable, at the discretion of the holder, into the Company's ordinary shares, and would share voting rights with ordinary shares.
affirmations include the following:
The Preferred Shares
will not entitle their holders to vote (except in certain limited circumstances where they are required by statute to vote as a separate class), are not convertible into common shares or other securities of the Corporation, are not redeemable except at the option of the Corporation, and will pay a 6.
The company expects that after the 5 years holding period, set to expire March 31, 2011, the majority shareholders will not exchange their preferred shares
for common shares since the preferred shares
carry the same voting rights as common shares.
The Company's purpose in creating the new preferred shares
is to provide an incentive to the Company's majority shareholder, BG Capital Group Ltd.
A preliminary prospectus supplement describing the offering of the preferred shares
has been filed with the Securities and Exchange Commission.
CFS) announces that all outstanding Preferred Shares
of CFS were redeemed today at a price of $3.