Coastal Income Corp has announced (via CCN Matthews) that:
it will redeem all of its issued Senior Preferred shares (TSX:DIV.pr.A) on March 20, 2007. The redemption will be made in accordance with the Fund’s articles and results from a retraction of the Capital shares. Shareholders need not take any action relating to the redemption; the Fund’s transfer agent CIBC Mellon will automatically redeem the shares on March 20, 2007 and deposit cash proceeds directly into shareholder’s accounts equal to $25.51071, representing $25.20 per share plus $0.31071 per share representing accrued and unpaid dividends. Post the redemption, the Senior Preferred shares will no long be listed on the TSX.
The closing quotation today was 25.67-00, with 3,400 shares trading, all in the 25.96-00 range.
I mentioned this issue in the post Mean-YTW on SplitShare Index Goes Negative!
Hat-tip to the reader who brought this to my attention!