Category: Better Communication, Please!

Better Communication, Please!

FTS.PR.H To Reset To 7.340% 4.183%; Interconvertible with FTS.PR.I

Fortis Inc has announced – on their website, not via press release like normal people – that FTS.PR.H will reset to 7.340% 4.183% effective June 1, 2025.

As Assiduous Reader Xalier points out in the comments, the initial assertion is not just nonsense, but is contradicted by the subsequent press release, which is now quoted. Sadly the website has been changed again so I can’t determine the source of the error; but the “share information page” still has the annual dollar rate wrong.

They later announced:

that 11,298 of its 7,665,082 issued and outstanding Cumulative Redeemable Five-Year Fixed Rate Reset First Preference Shares, Series H (“Series H Shares”) were tendered for conversion, on a one-for-one basis, into Cumulative Redeemable Floating Rate First Preference Shares, Series I (“Series I Shares”) and that 248,830 of its 2,334,918 Series I Shares were tendered for conversion, on a one-for-one basis, into Series H Shares. As a result of the conversion, Fortis has 7,902,614 Series H Shares and 2,097,386 Series I Shares issued and outstanding. The Series H Shares and the Series I Shares will continue to be listed on the Toronto Stock Exchange (“TSX”) under the symbols FTS.PR.H and FTS.PR.I, respectively.

The Series H Shares will pay on a quarterly basis, for the five-year period beginning on June 1, 2025, if, as and when declared by the Board of Directors of Fortis, a fixed dividend based on an annual fixed dividend rate of 4.183 percent.

The Series I Shares will pay a floating quarterly dividend for the five-year period beginning on June 1, 2025, if, as and when declared by the Board of Directors of Fortis. The floating quarterly dividend rate for the Series I Shares for the first quarterly floating rate period (being the period from and including June 1, 2025 and ending on and including August 31, 2025) is based on an annual floating dividend rate of 4.103 percent and will be reset every quarter based on the applicable three-month Government of Canada Treasury Bill rate plus 1.450 percent.

For more information on the terms of, and risks associated with an investment in, the Series H Shares and the Series I Shares, please see the Corporation’s short form prospectus dated January 18, 2010 relating to the issuance of the Series H Shares, which can be found under the Corporation’s profile on SEDAR+ at www.sedarplus.ca and on the Corporation’s website at www.fortisinc.com.

So that’s a 2% net conversion into FTS.PR.H, the FixedReset.

FTS.PR.H was issued as a FixedReset, 4.25%+145, that commenced trading 2010-1-26 after being announced 2010-1-11. In 2015 it reset to 2.50% amid great secrecy as they prefer to maintain selective disclosure through the old boys’ club. It reset to 1.835% effective 2020-6-1 and there was a 6% net conversion to the FixedReset.

FTS.PR.I is a FloatingReset commenced trading 2020-6-2 after its creation via partial conversion from FTS.PR.H.

Better Communication, Please!

FTS.PR.M To Reset To 5.493%

Fortis Inc. has announced (not as a press release, since they are peculiar, but as a link in a footnote to their table of preference shares:

Fortis Inc. (the “Corporation”) hereby provides notice to the holders of its Cumulative Redeemable Fixed Rate Reset First Preference Shares, Series M of the Corporation (the “Series M Shares”) of the following dividend rates, in each case payable if, as and when declared by the Board of Directors of the Corporation:
i. $0.34331250 per Series M Share, being the fixed dividend rate payable quarterly on the first day of March, June, September and December of each year during the five-year period from and including December 1, 2024 to but excluding December 1, 2029; and
ii. $0.37744521 per share on the Cumulative Redeemable Floating Rate First Preference Shares, Series N of the Corporation (the “Series N Shares”), being the floating dividend rate applicable to the Series N Shares for the 3-month period from and including December 1, 2024 and ending on and including February 28, 2025,

in each case determined in accordance with the corresponding rights, privileges, conditions and restrictions attached to the Series M Shares and Series N Shares, respectively, as a class, as set out in the short form prospectus of the Corporation dated September 11, 2014 relating to the issuance of the Series M Shares.

Beneficial owners of Series M Shares wishing to convert to Series N Shares should communicate with their broker or other nominee to obtain instructions for exercising such right during the conversion period, which runs from November 1, 2024, until 5:00 p.m. (EST) on November 18, 2024.

Inquiries should be directed to Ms. Karen Gosse, Vice President, Finance, Fortis at 709.737.2865.

FTS.PR.M was issued as a FixedReset, 4.10%+248, that commenced trading 2014-9-19 after being announced and supersized 2014-9-3. It reset to 3.913% effective 2019-12-1. Notice of extension was provided wierdly in mid-October, 2024. FTS was upgraded to Pfd-2(low) (from Pfd-3(high)) by DBRS on 2021-5-4. The issue is tracked by HIMIPref™ and is assigned to the FixedResets (Discount) subindex.

Update, 2024-11-27: Fortis has announced (again, via a footnote to their table of preference shares):

that only 20,950 Cumulative Redeemable Fixed Rate Reset First Preference Shares, Series M of the Corporation (the “Series M Shares”) were tendered for conversion into Cumulative Redeemable Floating Rate First Preference Shares, Series N of the Corporation (the “Series N Shares”) on or prior to the November 18, 2024 conversion deadline.

Pursuant to the terms of the Series M Shares, as described in the short form prospectus of the Corporation dated September 11, 2014 relating to the issuance of the Series M Shares, holders of Series M Shares are not entitled to convert their Series M Shares into Series N Shares unless at least 1,000,000 Series M Shares are tendered for conversion during the conversion period. As a result of the failure of holders to tender at least 1,000,000 Series M Shares for conversion at this time, no Series M Shares will be converted into Series N Shares on December 1, 2024.

Holders of Series M Shares who exercised their right to convert their Series M Shares into Series N Shares will continue to hold Series M Shares on and after December 1, 2024 and any Series M Shares tendered for conversion will be returned to the holders thereof. As previously announced by the Corporation, the fixed dividend rate on the Series M Shares will be $0.34331250 per Series M Share, payable quarterly on the first day of March, June, September and December of each year during the five-year period from and including December 1, 2024 to but excluding December 1, 2029.

Inquiries should be directed to Ms. Karen Gosse, Vice President, Finance, Fortis at 709.737.2865.

Thanks to Assiduous Reader KC for bringing this to my attention!

Better Communication, Please!

FTS.PR.M To Be Extended

Fortis Inc. has announced – not via a press release, mind you; via a footnote to their table of preference shares – on 2024-10-17:

that holders of the currently outstanding Cumulative Redeemable Fixed Rate Reset First Preference Shares, Series M of the Corporation (the “Series M Shares”) have the right to convert all or part of their Series M Shares, on a onefor-one basis, into Cumulative Redeemable Floating Rate First Preference Shares, Series N of the Corporation (the “Series N Shares”) on December 1, 2024 (the “Conversion Date”). There are currently 24,000,000 Series M Shares outstanding.

Holders who do not exercise their right to convert their Series M Shares into Series N Shares on the Conversion Date will continue to hold their Series M Shares.

The conversion right is subject to certain conditions set out in the short form prospectus of the Corporation dated September 11, 2014 relating to the issuance of the Series M Shares including, the following:
i. if the Corporation determines that there would be less than 1,000,000 Series N Shares outstanding after the Conversion Date, then holders of Series M Shares will not be entitled to convert their Series M Shares into Series N Shares; and
ii. alternatively, if the Corporation determines that there would remain outstanding less than 1,000,000 Series M Shares after the Conversion Date, then all remaining Series M Shares will automatically be converted into Series N Shares on a one-for-one basis on the Conversion Date.

In either case, the Corporation will give written notice of either of the foregoing events, if applicable, to holders of Series M Shares no later than November 22, 2024.

The fixed dividend rate applicable for the Series M Shares for the five-year period from and including December 1, 2024 to but excluding December 1, 2029, and the floating dividend rate applicable to the Series N Shares for the 3-month period from and including December 1, 2024 and ending on and including February 28, 2025, will be determined on November 1, 2024 and notice of such dividend rates shall be provided to the holders of the Series M Shares on that day.

Beneficial owners of Series M Shares who wish to exercise their conversion right should communicate with their broker or other nominee to obtain instructions for exercising such right during the conversion period, which runs from November 1, 2024, until 5:00 p.m. (EST) on November 18, 2024.

Trading on the Toronto Stock Exchange (the “TSX”) in the Series N Shares, if any, issued as of the Conversion Date, and any corresponding adjustment to the number of Series M Shares listed on the TSX, shall each occur on December 2, 2024, the first business day following the Conversion Date, subject to the satisfaction by the Corporation of the conditions of listing imposed by the TSX in respect of the Series N Shares.

You see that little weasel paragraph in there?:

In either case, the Corporation will give written notice of either of the foregoing events, if applicable, to holders of Series M Shares no later than November 22, 2024.

Like most issues nowadays, FTS.PR.M is a book-based issue. There is one holder: the Canadian Depository for Securities. The big brokers, etc., have accounts with CDS, small brokers have accounts with the big brokers, and YOU have an account with the small broker. You are not an actual holder. You are a beneficial owner.

Or so their reasoning goes, anyway. Fortis gives me more information headaches than any other five companies put together. They don’t seem to understand that:

  • The CDS-broker-client communication channel is not quite as efficient as they think it is, and
  • it is not just the holders who have an interest in the issue. I follow the shares because I might consider buying them. I post about them here because I think my readers might consider buying them. You are reading this post because you might consider consider buying them. But Fortis tells us all to fuck off.

FTS.PR.M was issued as a FixedReset, 4.10%+248, that commenced trading 2014-9-19 after being announced and supersized 2014-9-3. It reset to 3.913% effective 2019-12-1. FTS was upgraded to Pfd-2(low) (from Pfd-3(high)) by DBRS on 2021-5-4. The issue is tracked by HIMIPref™ and is assigned to the FixedResets (Discount) subindex.

Thanks to Assiduous Reader IrateAR for bringing this to my attention!

Better Communication, Please!

IAF.PR.B To Be Redeemed, Maybe

iA Financial Corporation Inc. has announced:

that it is considering an offering of Limited Recourse Capital Notes (the “Notes”) under its short form base shelf prospectus dated April 25, 2024 (the “Offering”).

Industrial Alliance Insurance and Financial Services Inc. (TSX: IAF) (“Industrial Alliance”), a subsidiary of the Company, announced that if the Offering is completed it intends to redeem its issued and outstanding Non-Cumulative Class A Preferred Shares Series B (the “Preferred Shares”) pursuant to their terms.

There is no certainty that the Company will ultimately complete the Offering being considered or as to the timing or terms on which such an offering might be completed and no certainty that Industrial Alliance will redeem the Preferred Shares.

The affected issue is IAF.PR.B. This issue closed the day at a price of 24.92, up 17.22% from Friday’s close of 21.26, on volume of 91,010 – large by any non-new-issue standards, and huge by the standards of this sleepy little preferred.

I’m pretty mad about this. I presume that word got out about the potential redemption of IAF.PR.B from the ‘intended use of proceeds’ section of whatever pre-marketting material’s going around, assuming that nobody who was approached had already figured out that IAF.PR.B was a prime candidate for a redemption of this nature. It is, after all, one of the last (if not the last) preferred shares issued by an actual insurer rather than an insurance holding company.

So why didn’t Industrial Alliance get a trading halt on the issue prior to all this? Other companies have been scrupulous in announcing their intention to try to refinance a preferred issue on the day before going to market. And, given that Industrial Alliance did not do this, why didn’t CIRO halt trading ‘pending an announcement from the company’? The price had gained about $1 from the opening by about 1pm; after that it really took off. It was something like 45-60 minutes before the announcement finally appeared on the company website.

How’s this from CIRO’s/IIROC’s website?

If IIROC staff notice erratic price moves in stocks, they will contact the issuer to see if it has information to explain the movement. Staff may ask the company to issue a news release if they believe that material information is leaking into the market or if they believe rumours are affecting the stock price.

Bad work, Industrial Alliance! Bad work, CIRO!

Update, 2024-6-18 This just in, although it is dated 2024-6-17 … must have been very late last night or not posted until this morning … iA Financial Corporation Inc. has announced:

that it intends to issue $350 million aggregate principal amount of 6.921% Limited Recourse Capital Notes Series 2024-1 (Subordinated Indebtedness) (the “Notes”) due September 30, 2084 (the “Offering”).

The Offering is expected to close on or about June 25, 2024. The Company intends to use the net proceeds from the sale of the Notes for general corporate purposes, which may include investments in subsidiaries and repayment of indebtedness.

The Notes will mature on September 30, 2084. Interest on the Notes at the rate of 6.921% per annum will be payable in semi-annual installments in arrears on March 31 and September 30 in each year, commencing on September 30, 2024 and continuing until September 30, 2029. Starting on September 30, 2029 and on every fifth anniversary of such date thereafter until September 30, 2079 (each such date an “Interest Reset Date”), the interest rate on the Notes will be reset at an interest rate per annum equal to the prevailing 5-year Government of Canada Yield on the business day prior to such Interest Reset Date, plus 3.600%.

In connection with the issuance of the Notes, the Company will issue 350,000 Non-Cumulative 5-Year Rate Reset Class A Preferred Shares, Series B (the “Series B Shares”). These shares will be held by Computershare Trust Company of Canada, as trustee of iA Financial Corporation LRCN Trust (the “Limited Recourse Trust”). In the event of a non-payment of interest or of the principal amount on the Notes when due, the recourse of each holder of Notes shall be limited to that holder’s pro rata share of the assets of the Limited Recourse Trust, which assets will consist of the Series B Shares, except in certain limited circumstances.

Subject to the prior approval of the Autorité des marchés financiers, the Company may redeem the Notes during the period from August 31 to and including September 30, commencing in 2029 and every five years thereafter, in whole or in part, on not less than 10 days’ and not more than 60 days’ prior written notice from the Company, at a redemption price which is equal to the aggregate of the principal amount of the Notes to be redeemed and any accrued and unpaid interest on such Notes up to, but excluding, the date of the redemption. The Offering is being done on a best efforts agency basis by a syndicate of agents co-led by CIBC Capital Markets, National Bank Financial Markets and RBC Capital Markets. The Notes will be offered in each of the provinces of Canada under a shelf prospectus supplement (the “Prospectus Supplement”) to the Company’s short form base shelf prospectus dated April 25, 2024 (the “Shelf Prospectus”).

Access to the Prospectus Supplement, the Shelf Prospectus and any amendments to the documents is provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment to the documents. The Shelf Prospectus is, and the Prospectus Supplement will be (within two business days), accessible on SEDAR+ at www.sedarplus.com.

An electronic or paper copy of the Prospectus Supplement, the Shelf Prospectus and any amendment to the documents may be obtained, without charge, from CIBC Capital Markets by contacting mailbox.cibcdebtsyndication@cibc.com, from National Bank Financial Inc. by contacting syndicate@nbc.ca or RBC Dominion Securities Inc. by contacting torontosyndicate@rbccm.com, by providing the contact with an email address or address, as applicable.

Better Communication, Please!

FTS.PR.K To Reset To 5.469%

Fortis Investor Relations has advised:

Good evening,

Thank you for contacting Investor Relations at Fortis Inc.

This notice went out through our CDS yesterday, January 31st, for distribution.

The new rate will be $0.3418125 per Series K Share, payable quarterly on the first day of March, June, September and December of each year during the five-year period from and including March 1, 2024 to but excluding March 1, 2029; and payable if, as and when declared by the board of directors.

As a reminder, holders of Series K pref shares have until February 15, 2024 to provide notice of their election to convert their Series K shares to Series L shares.

Please let us know if you have any additional questions.

Regards,
Investor Relations

The new rate implies a GOC-5 rate of 3.419%, which is consistent with the PPL.PR.C reset.

FTS.PR.K was issued as a FixedReset, 4.00%+205, that commenced trading 2013-7-13 after being announced 2013-7-9. It reset to 3.929% effective 2019-3-1, after some confusion. I recommended against conversion and there was no conversion. The issue is tracked by HIMIPref™ but relegated to the Scraps – FixedResets (Discount) subindex on credit concerns. and has been assigned to the FixedReset (Discount) subindex since its upgrade to Pfd-2(low) by DBRS.

The little sweethearts believe that informing CDS is good enough.

Update, 2024-2-2: I have received the following communication from FTS Investor Relations, after chiming in on an investor complaint about their secrecy:

Good morning [REDACTED],

Thank you for contacting Investor Relations at Fortis Inc.

You can find the rate reset information on our website under Investor Relation > Preference Shares. Below is the direct link to the notice in question that is dated January 31st.

Notice for Series K Rate Resets

Please let us know if you have any further questions. We appreciate your feedback and will take it into consideration going forward.

Regards,

Investor Relations

Better Communication, Please!

FTS.PR.H To Reset At 1.835%

Fortis Inc. has announced (although only on its share information page, not as a press release because these people really are useless):

On June 1, 2020, the quarterly dividend rate to be paid on each Series H Preference share will decrease to $0.11469 from $0.15625, translating into a decrease in the annual dividend rate per share to $0.45876 from $0.6250, due to the reset of the annual dividend on June 1, 2020, under the dividend rate reset provisions applicable to this series.

FTS.PR.H was issued a FixedReset, 4.25%+145, that commenced trading 2010-1-26 after being announced 2010-1-11. In 2015 it reset to 2.50% amid great secrecy as they prefer to maintain selective disclosure through the old boys’ club.

Better Communication, Please!

AZP.PR.B / AZP.PR.C : Net Conversion of 12% to FixedResets

AZP.PR.B used to be CZP.PR.B, which used to be EPP.PR.B, and throughout these changes was a FixedReset, 7.00%+418, which commenced trading 2009-11-2 after being announced 2009-10-13. You can’t tell your players without a programme! Notice of extension was provided in November, 2014, and it reset to 5.57% effective 2014-12-31. I recommended in favour of conversion and the conversion rate was 42%. The company announced the extension to 2024 on 2019-11-14. An erroneous announcement of a reset to 5.67% was announced 2019-12-2 but it was later announced that AZP.PR.B will reset at 5.739% effective January 1, 2020.

AZP.PR.C resulted from the partial conversion of AZP.PR.B and commenced trading 2014-12-31.

Atlantic Power can’t be bothered to issue a press release or otherwise indicate on their website just what the results of the conversion option were (just like 2014), but there is information available on TMXMoney, maybe.

According to the TMX Money page for AZP.PR.C (the FloatingReset), there are 1,077,391 shares outstanding (down from 1,661,906). There are reporting 2,504,131 AZP.PR.B outstanding (up from 2,338,094).

In its 2018 Annual Financial Statements (inconveniently available via SEDAR with a search for “Atlantic ower Corporation Feb 28 2019 18:10:49 ET Audited annual financial statements – English PDF 2381 K”, since neither the company nor the regulators want you reading this stuff – who do you think you are?) the company states:

We also purchased and cancelled 5,000 and 164,790 of the Series 2 and 3 Shares at Cdn$17.99 and Cdn$17.89 per share for Cdn$0.1 million and Cdn$2.9 million, respectively for a total cost of $8.0 million. A $7.9 million gain on the redemption was recorded as a component of income attributable to preferred shares of a subsidiary company in the year ended December 31, 2018. From December 31, 2018 through February 27, 2019, we purchased the maximum limit of 427,500 shares of Series 1 Preferred Shares, 27,777 of Series 2 Preferred Shares and the maximum limit of 148,311 Series 3 Preferred Shares at a total cost of Cdn$9.2 million

… so obviously the company knows a bargain when it sees one! If only they were more prolific with their press releases!

So the 2014-12-31 proportion of AZP.PR.B was 58% and the 2019-12-31 proportion is 70%. So call it a net conversion to FixedResets of 12%.

So that’s a conversion rate of about 42%. In my post just before the decision deadline, I recommended conversion.

Better Communication, Please!

FFH.PR.H Listed: 26% Conversion

Fairfax Financial Holdings Limited has announced:

 

That’s right, nothing regarding the conversion and listing of FFH.PR.H, which is the same stunt they pulled when FFH.PR.F was listed.

So, I am left to report that FFH.PR.G is a FixedReset, currently 3.318%+256. Its Strong Pair is FFH.PR.H, a FloatingReset paying three month bills +256bp, reset quarterly. Both issues will be tracked by HIMIPref™, both relegated to the Scraps index on credit concerns.

The Toronto Stock Exchange reports that there are 2,567,048 shares of FFH.PR.H outstanding and 7,432,952 of FFH.PR.G; since there were 10-million shares of FFH.PR.G originally issued, we can say that the conversion rate was 26% after my recommendation not to convert.

Vital statistics are:

FFH.PR.G FixedReset YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2045-09-30
Maturity Price : 13.74
Evaluated at bid price : 13.74
Bid-YTW : 6.11 %
FFH.PR.H FloatingReset YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2045-09-30
Maturity Price : 13.70
Evaluated at bid price : 13.70
Bid-YTW : 5.42 %

No shares of FFH.PR.H traded today (consolidated exchanges) and the closing quote was 13.70-23.00, so nothing about the pricing can be taken too seriously! However:

pairs_FR_150930
Click for Big

The FFH.PR.G / FFH.PR.H pair implies an average three month bill rate over the next five years of +1.03%, so far above the average it is off the charts.

Better Communication, Please!

ALA.PR.A To Reset At 3.38%

I have learned that ALA.PR.A will reset at 3.38%.

ALA.PR.A is a FixedReset with a spread of 266bp over five-year Canadas, which commenced trading August 19, 2010 after being announced August 10, 2010. The original coupon was 5.00%, so the reset rate of 3.38% represents a decline of 32%. Hey, by recent 40%+ standards, that looks good!

Holders have the option to convert into a FloatingReset, and this option must be exercised prior to 5pm, September 15 before vanishing until the next reset date in 2020. Recent market conditions have been highly unfavourable for FloatingResets and it is likely that I will recommend against conversion. However, conditions can change dramatically and rapidly and I will wait until September 10 to make a more formal recommendation.

Note that the September 15 notification date is for notification of the company, and brokers will generally have an internal deadline a day or two prior to this … so if you’re planning to wait until the last minute, contact your broker and find out precisely when the last minute will be!

I complained yesterday about the lack of information made available by the company and sent them an eMail. AltaGas’ Investor Relations department refused to answer my question directly and instead gave me contact information for a third party not employed by AltaGas, expressing the pious hope that he “may be able to assist.”

AltaGas’ Investor Relations department must be the most totally useless public company department on earth.

Better Communication, Please!

What Is The Reset Rate On ALA.PR.A?

To my surprise and irritation, the reset rate on ALA.PR.A has not yet been announced.

The company’s preferred share page has a link to the Prospectus Supplement for the issue, but this link takes one to SEDAR, so I can’t provide a direct link to the document myself. The regulators are doing a fine job of making access to public documents inconvenient to the investor-scum elements of the public!

However, the relevant parts of the Supplement are:

“Initial Fixed Rate Period” means the period from and including the date of issue of the Series A Shares to, but excluding, September 30, 2015.

“Subsequent Fixed Rate Period” means, for the initial Subsequent Fixed Rate Period, the period from and including September 30, 2015 to, but excluding, September 30, 2020, and for each succeeding Subsequent Fixed Rate Period means the period from and including the day immediately following the last day of the immediately preceding Subsequent Fixed Rate Period to, but excluding, September 30 in the fifth year thereafter.

“Fixed Rate Calculation Date” means, for any Subsequent Fixed Rate Period, the 30th day prior to the first day of such Subsequent Fixed Rate Period.

On each Fixed Rate Calculation Date, AltaGas shall determine the Annual Fixed Dividend Rate for the ensuing Subsequent Fixed Rate Period. Each such determination shall, in the absence of manifest error, be final and binding upon AltaGas and upon all holders of Series A Shares. AltaGas shall, on each Fixed Rate Calculation Date, give written notice of the Annual Fixed Dividend Rate for the ensuing Subsequent Fixed Rate Period to the registered holders of the then outstanding Series A Shares.

The Series A Shares and Series B Shares will be issued in “book entry only” form and must be purchased or transferred through a participant in the CDS depository service (“CDS Participant”). AltaGas will cause a global certificate or certificates representing any newly issued Series A Shares or Series B Shares to be delivered to, and registered in the name of, CDS or its nominee.

So Altagas has fulfilled the letter of their obligation by sending a billet-doux to CDS, which is:

a wholly owned subsidiary of TMX Group Limited
(TMX Group)

which in turn is substantially owned by:

Each of CIBC World Markets Inc., National Bank Financial & Co. Inc., Scotia Capital Inc., and TD Securities Inc., either directly or through an affiliate, has agreed to maintain a specified minimum ownership interest in TMX Group for a period of five years from September 14, 2012. For the year ended September 14, 2013, each of these investors were required to own at least 6.25%, and for each of the four following years, each of these investors must own at least 5.625%, of our common shares outstanding as
at September 14, 2012″

Assiduous Readers will remember the July 4, 2012 report that the regulators had agreed to permit an extension of the banking oligopoly’s hegemony over the Canadian financial system in return for something the regulators consider very important: extra payments to the regulators.

So what it all boils down to is: investors are scum. If you want to know what the reset rate on ALA.PR.A is, your best bet is to ‘phone your friendly (and probably bank-owned) broker and, after listening to a pitch for GICs while you’re on hold for half an hour, ask your friendly Customer Service Rep if they wouldn’t mind telling you the reset rate on this issue, provided it doesn’t interfere with lunch or anything.

However, hope springs eternal and I have sent the following missive to AltaGas Investor Relations:

Sirs,

It is my understanding from the prospectus supplement that the dividend rate for ALA.PR.A for the period September 30, 2015, to September 29, 2020, has been determined.

What is the new dividend rate?

Will there be any kind of announcement or notification on your website?

Sincerely,