Immediately following the redemption of the ROC Preferred Shares and upon the completion of the reorganization, in order to maintain the ratio of Capital Yield Shares to ROC Preferred Shares of two-to-one, the Company will subdivide the remaining 650,131 ROC Preferred Shares such that there will be approximately 1.82 ROC Preferred Shares outstanding following the subdivision for every ROC Preferred Share outstanding immediately prior to the subdivision resulting in a total of 1,183,343 ROC Preferred Shares outstanding after the subdivision. ROC Preferred Shares are currently redeemable for a cash amount equal to the lesser of (i) $25.00 and (ii) Unit Value. After the subdivision, the outstanding ROC Preferred Shares will be redeemable for a cash amount equal to the lesser of (i) $13.74 and (ii) Unit Value and will be entitled to, effective December 16, 2007, quarterly fixed distributions of $0.1718. On an annualized basis, the new fixed distribution would represent a yield of 5.00% on the redemption price of $13.74.
… the TSE has reset the price to 13.324. They closed today at 12.77-20.99 (!) on zero volume.
Update, 2007-12-13: The HIMIPref™ database has been adjusted to reflect the change. A reorgDataEntry has been processed to reflect a change in securityCode from A43140 to A43141 at a rate of 182 new for 100 old.