Partners Value Split Corp. has announced (on 2021-5-7):
its intention to redeem all 4,000,000 of its Class AA Preferred Shares, Series 7 (“Preferred Shares, Series 7”) for cash on May 20, 2021 (the “Redemption Date”) in accordance with the terms of the Preferred Shares, Series 7.
The redemption price per Preferred Shares, Series 7 will be equal to C$25.50 plus accrued and unpaid dividends of C$0.30220 per share to May 20, 2021 representing a total redemption price of C$25.8022 per share (the “Redemption Price”).
Notice will be delivered to holders of the Preferred Shares, Series 7 in accordance with the terms of the Preferred Shares, Series 7.
From and after the Redemption Date, the Preferred Shares, Series 7 will cease to be entitled to dividends or any other participation in any distribution of the assets of the Company and the holders thereof shall not be entitled to exercise any of their other rights as shareholders in respect thereof except to receive the Redemption Price (less any tax required to be deducted and withheld by the Company). After the redemption of the Preferred Shares, Series 7, the Company will consolidate the existing capital shares held by Partners Value Investments Inc. so that there are an equal number of preferred shares and capital shares outstanding.
PVS.PR.E was issued as a seven-year 5.50% SplitShare that commenced trading 2015-10-29 after being announced 2015-10-20. It was tracked by HIMIPref™ and assigned to the SplitShares subindex.
I hold a few ENS.PR.A – I believe they were once a Prefletter recommendation. Today IROC imposed a trading halt on this preferred. Should I be worried?
No. The company has announced an overnight offering and trading halts are routine when this happens.