Well! It looks like the capital unit-holders of Financial 15 Split Corp. have balked at the proposed term extension of the fund, not wishing to finance their margin at the rate of 5.25% in dividends:
Preferred Shareholders as a class voted 98.9 % in favour of the resolution, however the vote from Class A shareholders did not exceed the minimum required 66 2/3% of the votes cast in favour, and therefore the resolution was not approved at the meeting held earlier today.
Management will continue to consider if any further appropriate action should be taken on this matter.
This is interesting … I suspect that we haven’t seen the last of this issue … but as things stand now, the FTN.PR.A continue to have a redemption date of December 1, 2008.
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