Lawrence Asset Management has announced:
On July 31, 2008, holders of Preferred Shares are expected to be repaid $25.00 per Preferred Share from the proceeds of a forward agreement with Canadian Imperial Bank of Commerce. The Preferred Shares offer an attractive alternative to conventional preferred shares, bonds, money market and other income vehicles.
Equity Shares (TSX:PAY) On July 31, 2008, Equity Shareholders will receive the proceeds of the Managed Portfolio. Distributions to PAY holders were paid from the Fund’s inception to October 31, 2005. PAY does not currently have a distribution.
So the preferred shares will be paid in full; the equity shares will receive about $11.40, after having subscribed $20 in March 2002 … and, as noted by Lawrence Asset Management, not having received distributions for the past 2.75 years.
PAY.PR.A was last mentioned in February 2008.