Category: Issue Comments

M-Split Corp. has announced:

that it will hold a special meeting of shareholders on February 3, 2010 to vote on a proposed capital reorganization plan for the Company. The delay in setting the meeting date was attributable to additional time required by the regulatory process.

As previously announced in the Company’s press release of September 18, 2009, this proposal is designed to address the impact that the significant decline in price of the Company’s underlying holding of Manulife common stock and the resultant activation of the Priority Equity Portfolio Protection Plan has had on the ability of the Company to meet its original investment objectives.

The record date for shareholders entitled to receive notice of and vote at this special meeting has been established as December 14, 2009. Full details of the proposed reorganization will be contained in a Management Information Circular expected to be mailed to shareholders in early January, 2010.

The proposed reorganization has been discussed on PrefBlog. XMF.PR.A is not tracked by HIMIPref™.

These are total returns, with dividends presumed to have been reinvested at the bid price on the ex-date. The list has been restricted to issues in the HIMIPref™ indices.

The redemption calls from the POW/PWF/GWO/IGM group really shook things up!

5Banc Split Inc. has announced:

that it has called 1,796,047 Preferred Shares for cash redemption on December 15, 2009 representing approximately 17.2% of the outstanding Preferred Shares as a result of holders of 1,796,047 Capital Shares exercising their special annual retraction rights. The Preferred Shares shall be redeemed on a pro rata basis, so that holders of record of Preferred Shares on the close of business on December 14, 2009 will have approximately 17.2% of their Preferred Shares redeemed. The redemption price for the Preferred Shares will be $10.00 per share. Holders of Preferred Shares that have been called for redemption will be entitled to receive dividends thereon which have been declared but remain unpaid up to and including December 15, 2009.

In addition, holders of a further 1,222,021 Preferred and Capital Shares have deposited such shares concurrently for retraction on December 15, 2009. As a result, a total of 3,018,068 Preferred and Capital Shares, or approximately 25.8% of both classes of shares currently outstanding will be redeemed.

Payment of the amount due to retracting shareholders will be made by the Company on December 15, 2009. From and after December 16, 2009 the holders of Preferred Shares that have been called for redemption will not be entitled to dividends or to exercise any right in respect of such shares except to receive the amount due on redemption.

FBS.PR.B was last mentioned on PrefBlog when it was upgraded to Pfd-3 by DBRS. FBS.PR.B is tracked by HIMIPref™, but is relegated to the “Scraps” subindex on credit concerns.

Big 8 Split Corp. has announced:

that it has called 137,975 Preferred Shares for cash redemption on December 15, 2009 representing approximately 11.5% of the outstanding Preferred Shares as a result of holders of 137,975 Capital Shares exercising their special annual retraction rights. The Preferred Shares shall be redeemed on a pro rata basis, so that holders of record of Preferred Shares on the close of business on December 14, 2009 will have approximately 11.5% of their Preferred Shares redeemed. The redemption price for the Preferred Shares will be $12.00 per share. Holders of Preferred Shares that have been called for redemption will be entitled to receive dividends thereon which have been declared but remain unpaid up to and including December 15, 2009.

Payment of the amount due to retracting shareholders will be made by the Company on December 15, 2009. From and after December 16, 2009 the holders of Preferred Shares that have been called for redemption will not be entitled to dividends or to exercise any right in respect of such shares except to receive the amount due on redemption.

BIG.PR.B was last mentioned on HIMIPref™ when DBRS put the issue on Review-Negative. BIG.PR.B is not tracked by HIMIPref™.

Energy Split Corp. II has announced:

that it has called 5,209 ROC Preferred Shares for cash redemption on December 16, 2009 (in accordance with the Company’s Articles) representing approximately 0.559% of the outstanding ROC Preferred Shares as a result of the special annual retraction of 107,818 Capital Yield Shares by the holders thereof. The ROC Preferred Shares shall be redeemed on a pro rata basis, so that each holder of ROC Preferred Shares of record on December 15, 2009 will have approximately 0.559% of their ROC Preferred Shares redeemed. The redemption price for the ROC Preferred Shares will be $13.74 per share.

Holders of ROC Preferred Shares that are on record for dividends but have been called for redemption will be entitled to receive dividends thereon which have been declared but remain unpaid up to but not including December 16, 2009.

Payment of the amount due to holders of ROC Preferred Shares will be made by the Company on December 16, 2009. From and after December 16, 2009 the holders of ROC Preferred Shares that have been called for redemption will not be entitled to dividends or to exercise any right in respect of such shares except to receive the amount due on redemption.

The Company’s ongoing dividend policy entitles holders of ROC Preferred Shares to receive quarterly fixed cumulative distributions equal to $0.1718 per ROC Preferred Share. The Capital Yield Shareholders are provided with a leveraged play on the yield and price performance from a fixed portfolio consisting of 14 oil and gas royalty trusts listed on the Toronto Stock Exchange.

EN.PR.A was last mentioned on PrefBlog when they revised the Capital Unit Dividend Policy. EN.PR.A is tracked by HIMIPref™ but is relegated to the “Scraps” subindex on both volume and credit concerns.

IGM Financial has announced:

that it intends to redeem all $360 million of its outstanding 5.75% First Preferred Shares, Series A on December 31, 2009

Consistent with the terms of the original offering document, the redemption price will be $26.00 for each First Preferred Share, Series A plus an amount equal to all declared and unpaid dividends, net of any tax required to be withheld by the Corporation.

A notice of the redemption of the First Preferred Shares, Series A will be sent in accordance with the rights, privileges, restrictions and conditions attached to the First Preferred Shares, Series A.

DBRS has announced it has:

assigned a rating of BBB (high) with a Stable trend to the Brookfield Renewable Power Inc. (BRP) prospective issue of $300 million of 6.132% Series 6 notes due November 30, 2016 (the Notes).

The Notes are being offered pursuant to a Prospectus Supplement to BRP’s Short Form Base Shelf Prospectus dated July 28, 2008, and a related Prospectus Supplement to be filed before November 27, 2009. The Notes will rank equally with all other unsecured indebtedness of BRP. Proceeds from the offering will be used to repay BRP’s remaining $280 million of 4.65% Series 1 notes due in December 2009, and for general corporate purposes. The offering is expected to close on November 30, 2009.

DBRS notes that BRP has recently signed a long-term power sale contract with the Ontario Power Authority (rated A (high), with a Stable trend) for all of the output from 16 of BRP’s electric generating facilities in Ontario, representing 837 megawatts (MW). This is supportive of BRP’s credit profile as it will substantially increase its long-term contracted position and provide greater cash flow certainty.

BAM commented in its 3Q09 Shareholders’ Report:

Brookfield Renewable Power has $262 million of public term notes that mature in December 2009. The substantial cash flow generated within this business and the high quality of its asset base facilitates access to capital markets notwithstanding current volatility, and in that regard we completed a public offering of C$300 million (US$244 million) of three-year notes in February 2009.

In April 2009 we exchanged a further C$100 million (US$82 million) of the December maturity for three-year notes. The remaining borrowings consist of public notes that mature in 2018 and 2036.

The CAD 300-million three-year notes were done at 8.75%, with a step up feature if the company gets downgraded by DBRS or S&P with a Canada Call at +175bp. We’ve come a long way, baby!

ROC Pref III Corp. has announced:

ROC Pref III Corp. announces that its board of directors has approved a proposal to change the redemption date of the Preferred Shares from March 23, 2012 to December 22, 2009 (the “Proposal”). As a result of the Proposal, Shareholders will have their Preferred Shares redeemed by the Company on such date and will be paid the net asset value redemption price per Preferred Share as of December 18, 2009 plus a redemption premium of $1.00 per Preferred Share. The credit linked note portfolio to which the Company has exposure has suffered several defaults over the past year and if one or more occur in the time remaining to maturity. Shareholders risk losing all or a substantial portion of their investment. The Company’s Investment Advisor believes there are a number of reference companies in the credit linked note portfolio that are at a significant risk of default prior to the maturity of the credit linked note. Accordingly, the Company’s board of directors, Manager and Investment Advisor believe it is in the best interests of the Shareholders to crystalize and preserve the remaining value of the Preferred Shares for Shareholders. In this regard, following recently completed negotiations the issuer of the credit linked note has agreed to repurchase the note on December 18, 2009 to facilitate this outcome. The Proposal will involve the amendment of the Company’s articles of incorporation and will be subject to receipt of all necessary shareholder and regulatory approvals.

A special meeting of holders of Preferred Shares has been called and will be held on December 17, 2009 to consider and vote upon the Proposal. Details of the Proposal will be outlined in an information circular to be sent to shareholders in connection with the special meeting. Copies of the information circular will be available on www.sedar.com and www.cclcapitalmarkets.com.

The estimated NAV of the fund is 3.57 as of November 16.

They’re selling a structured note with high downside risk … I’ll bet they’re getting a good price!

RPB.PR.A was last mentioned on PrefBlog when they announced a potential restructuring and the CIT Credit event. RPB.PR.A is not tracked by HIMIPref™.free chips no deposit no down load Free Slotmachines Monopoly casino download free play casinos 599.
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Connor, Clark & Lunn ROC Pref Corp. has announced:

that its board of directors has approved a proposal to change the redemption date of the Preferred Shares from June 30, 2011 to December 22, 2009 (the “Proposal”). As a result of the Proposal, Shareholders will have their Preferred Shares redeemed by the Company on such date and will be paid the net asset value per Preferred Share as of December 18, 2009. The credit linked note portfolio to which the Company has exposure has suffered several defaults over the past year and if three or more occur in the time remaining to maturity Shareholders risk losing all or a substantial portion of their investment. The Company’s Investment Advisor believes there are a number of reference companies in the credit linked note portfolio that are at a significant risk of default prior to the maturity of the credit linked note. Accordingly, the Company’s board of directors, Manager and Investment Advisor believe it is in the best interests of the Shareholders to crystalize and preserve the remaining value of the Preferred Shares for Shareholders. In this regard, following recently completed negotiations the issuer of the credit linked note has agreed to repurchase the note on December 18, 2009 to facilitate this outcome. The Proposal will involve the amendment of the Company’s articles of incorporation and will be subject to receipt of all necessary shareholder and regulatory approvals.

A special meeting of holders of Preferred Shares has been called and will be held on December 17, 2009 to consider and vote upon the Proposal. Details of the Proposal will be outlined in an information circular to be sent to shareholders in connection with the special meeting. Copies of the information circular will be available on www.sedar.com and www.cclcapitalmarkets.com.

The estimated NAV of the fund is 9.20 as of November 16.

Let’s see … it’s backed by a structured note, downside risk is enormous, and there’s a motivated seller … I bet they’ll get a good price for the credit linked note!

RPQ.PR.A was last mentioned on PrefBlog when the continued suspension of dividends was announced. RPQ.PR.A is not tracked by HIMIPref™.no deposit required casino lists Play Igt Slots Free slots of fun
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DBRS has announced:

has today downgraded its rating on the LROC Preferred Units (the Units) issued by Kingsway Linked Return of Capital Trust (the Trust) to Pfd-4 (low) from Pfd-4. The Under Review with Negative Implications status, which was assigned to the Units on June 8, 2009, is being maintained.

The LROC Preferred Units are supported by an exposure to a note guaranteed by Kingsway Financial Services Inc. and Kingsway America Inc. (collectively, Kingsway) through a forward purchase agreement. The downgrade of the Units is a result of DBRS downgrading the long-term debt ratings of Kingsway earlier today to B (high) from BB (low).

Also, subsequent to today’s downgrade, DBRS immediately discontinued its ratings coverage of Kingsway. As a result, the rating of the Units has also been discontinued.

KSP.UN was last mentioned on PrefBlog when it was downgraded to Pfd-4 by DBRS. KSP.UN is not tracked by HIMIPref™.