Laurentian Bank of Canada has announced:
that it will redeem, on December 15, 2017, all of its Non-Cumulative Class A Preferred Shares Series 11 then outstanding. Such preferred shares will be redeemed at a redemption price of $25.00 per share, together with any declared and unpaid dividends.
Beneficial holders who are not the registered holders of these shares should contact the financial institution, broker or other intermediary through which they hold such shares to confirm how they will receive the redemption proceeds. Formal notices and instructions for the redemption will be forwarded to all registered shareholders.
I love that “all registered shareholders” crap. I don’t know, frankly, whether this is mumbo-jumbo forced on them by idiot regulators or whether they simply see no point in being straightforward with their investors, but as stated in the prospectus supplement for this issue (SEDAR, search for “LAURENTIAN BANK OF CANADA Oct 11 2012 19:47:26 ET Prospectus supplement – English PDF 227 K”, our beloved regulators will not permit me to link directly to this public document; probably because you’re all common investor scum and not important civil servants):
On the closing of this offering, which is expected to be on or about October 18, 2012, the aggregate number of Preferred Shares Series 11 distributed hereunder will be delivered to CDS Clearing and Depository Services Inc. (“CDS”) or its nominee in the form of an electronic deposit in accordance with the non-certificated inventory system maintained by CDS. A purchaser of Preferred Shares Series 11 will receive only a customer confirmation from the registered dealer who is a CDS participant and from or through whom the Preferred Shares Series 11 are purchased.
So there is only one registered shareholder.
LB.PR.F is a FixedReset, 4.00%+260, that commenced trading 2012-10-18 after being announced 2012-10-11. This was actually a somewhat interesting issue, because it was issued without an NVCC clause despite the fact that the NVCC rules had been announced; so it has had a “Deemed Retraction” entry in its call schedule since the first day of trading.
This entry was posted on Tuesday, November 14th, 2017 at 11:04 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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LB.PR.F To Be Redeemed
Laurentian Bank of Canada has announced:
I love that “all registered shareholders” crap. I don’t know, frankly, whether this is mumbo-jumbo forced on them by idiot regulators or whether they simply see no point in being straightforward with their investors, but as stated in the prospectus supplement for this issue (SEDAR, search for “LAURENTIAN BANK OF CANADA Oct 11 2012 19:47:26 ET Prospectus supplement – English PDF 227 K”, our beloved regulators will not permit me to link directly to this public document; probably because you’re all common investor scum and not important civil servants):
So there is only one registered shareholder.
LB.PR.F is a FixedReset, 4.00%+260, that commenced trading 2012-10-18 after being announced 2012-10-11. This was actually a somewhat interesting issue, because it was issued without an NVCC clause despite the fact that the NVCC rules had been announced; so it has had a “Deemed Retraction” entry in its call schedule since the first day of trading.
This entry was posted on Tuesday, November 14th, 2017 at 11:04 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.