For shareholders who have their preference shares
registered to a nominee with a bank or other nominee, payment will be made according to each respective nominee's routines.
4 million in annual payments by Butterfield for Preference Share
dividends and the guarantee fees payable to the Government of Bermuda, which will be accretive to earnings going forward.
were previously not included in the company's calculation of diluted share count because they were anti-dilutive.
Sebi has recently allowed listing of non-convertible redeemable preference shares
, that is, those that are not convertible into equity shares and are redeemed at maturity.
iii) the announcement dated 16 December 2009 in relation to the issue of the notice dated 16 December 2009 by the Acquiror to the Preference Share
Holders on the extension of the Offer Period to 15 January 2010;
SAS' CEO Rickard Gustafson says: "SAS' issue of preference shares
has generated considerable interest and we are honoured by the support that the capital markets have shown SAS once again.
Each preference share
entitles to a quarterly dividend of SEK5 and carries one-tenth of a voting right.
The Preference Share
offering is expected to close on November 13, 2012.
Holders should note that the Company does not currently have funds legally available to make payment on any CRPS required at the option of the Preference Share
Holders to be redeemed by the Company pursuant to the occurrence of a Fundamental Change (as defined in the Articles of Association of the Company (the "Articles")) on 17 December 2009 being the Books Closure Date ("Fundamental Change Redemption") as notified to you in the Notice of Fundamental Change issued by the Company on 24 December 2009; accordingly, Preference Share
Holders should give due consideration to accepting the Preference Share
Offer made by the Acquiror to acquire all the CRPS in issue from the Preference Share
Holders on the terms and conditions set out in the CRPS Offer Letter.
As of today there are 6,000,000 of the Series A Preference Shares
Lehman Brothers and UBS Investment Bank are acting as joint book-running managers for the perpetual non-cumulative preference shares
Further, due to a structural feature which caps interest distributions to the preference shares
at 14% per annum and amortizes the class C notes with the excess spread, the class C notes have paid down by 60.