Morgan Meighen & Associates has announced:
Canadian General Investments, Limited (the “Company”) announced today that it has provided notice to holders of its $75,000,000 4.65% Cumulative Redeemable Class A Preference Shares, Series 2 (the “Series 2 Shares”) that in accordance with the terms of the Series 2 Shares it will redeem all of the issued and outstanding Series 2 Shares on May 29, 2013, for a price of $25.00 per Series 2 Share plus all accrued and unpaid dividends (from and including the last scheduled dividend payment date, March 15, 2013, to, but excluding, the date of redemption, and being in the amount of $0.23887 per share). This redemption will initially be funded by a short-term loan from a Canadian chartered bank.
CGI.PR.B was last mentioned on PrefBlog when it was confirmed at Pfd-1(low) by DBRS. CGI.PR.B has been tracked by HIMIPref™ but has been relegated to the Scraps index on credit concerns.