Cyclical Split NT Corp. has announced:
that it has called 24,255 Preferred Shares, representing approximately 15.2401% of the issued and outstanding Preferred Shares, for cash redemption on December 14, 2007 as a result of the special annual retraction of 24,255 Capital Shares by the holders thereof. The 24,255 Preferred Shares shall be redeemed on a pro rata basis so that preferred shareholders of record on December 13, 2007 will have approximately 15.2401% of their Preferred Shares redeemed, with the number of Preferred Shares to be redeemed from each holder rounded to the nearest whole number. The redemption price for the Preferred Shares will be $25.00 per share.
CYC.PR.A is not rated by DBRS, as the rating was “withdrawn … at the request of the Company” in May, 2005. This would normally be a bad sign, as would their lack of a website, but according to their semi-annual financials filed on SEDAR, asset coverage as of June 30, 2007, was a very impressive 6.1+:1.
The issue is extremely small, with a market value of about $4.4-million according to the TSX. CYC.PR.A is not tracked by HIMIPref™
[…] last mention of CYC.PR.A was in conncection with last year’s partial redemption. CYC.PR.A was not tracked by […]