PrefBlog

Artis Real Estate Investment Trust has announced:

that it has delivered formal notice to the registered holder(s) of its Preferred Units, Series A (the “Series A Units”) that, on September 30, 2022, the REIT will redeem all of the 3,248,300 outstanding Series A Units at a price of $25.353875 (the “Redemption Price”) for each Series A Unit, being $25.00 plus $0.353875 in accrued and unpaid distributions thereon up to but excluding September 30, 2022, less any taxes required to be deducted and withheld by Artis.

After September 30, 2022, the Series A Units will cease to be entitled to distributions and the only remaining rights of holders of such units will be to receive payment of the redemption amount.

AX.PR.A was announced 2012-7-24 as a FixedReset, 5.25%+406, with complex taxation nature of the distributions. It became rated in March, 2013, and was then added to the HIMIPref™ universe. It reset to 5.662% in 2017; I recommended against conversion; and there was no conversion.

Thanks to Assiduous Reader Philip169382 for bringing this to my attention!

Manulife Financial Corporation has announced (on 2022-8-22):

the applicable dividend rates for its Non-cumulative Rate Reset Class 1 Shares Series 9 (the “Series 9 Preferred Shares”) (TSX: MFC.PR.I) and Non-cumulative Floating Rate Class 1 Shares Series 10 (the “Series 10 Preferred Shares”).

With respect to any Series 9 Preferred Shares that remain outstanding after September 19, 2022, holders thereof will be entitled to receive fixed rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Manulife and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the five-year period commencing on September 20, 2022, and ending on September 19, 2027, will be 5.97800% per annum or $0.373625 per share per quarter, being equal to the sum of the five-year Government of Canada bond yield as at August 22, 2022, plus 2.86%, as determined in accordance with the terms of the Series 9 Preferred Shares.

With respect to any Series 10 Preferred Shares that may be issued on September 19, 2022 in connection with the conversion of the Series 9 Preferred Shares into the Series 10 Preferred Shares, holders thereof will be entitled to receive floating rate non-cumulative preferential cash dividends on a quarterly basis, calculated on the basis of the actual number of days elapsed in each quarterly floating rate period divided by 365, as and when declared by the Board of Directors of Manulife and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the three-month period commencing on September 20, 2022, and ending on December 19, 2022, will be 1.45700% (5.84400% on an annualized basis) or $0.364250 per share, being equal to the sum of the three-month Government of Canada Treasury bill yield as at August 22, 2022, plus 2.86%, as determined in accordance with the terms of the Series 10 Preferred Shares.

Beneficial owners of Series 9 Preferred Shares who wish to exercise their right of conversion should instruct their broker or other nominee to exercise such right before 5:00 p.m. (Toronto time) on September 2, 2022. The news release announcing such conversion right was issued on August 2, 2022 and can be viewed on SEDAR or Manulife’s website. Conversion inquiries should be directed to Manulife’s Registrar and Transfer Agent, TSX Trust Company, at 1‑800‑783‑9495.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series 10 Preferred Shares effective upon conversion. Listing of the Series 10 Preferred Shares is subject to Manulife fulfilling all the listing requirements of the TSX and, upon approval, the Series 10 Preferred Shares will be listed on the TSX under the trading symbol “MFC.PR.S”.

MFC.PR.I was issued as a FixedReset, 4.40%+286, that commenced trading 2012-5-24 after being announced 2012-5-16. After the 2017 announcement the issue would be extended, the rate was reset to 4.35100% and I recommended against conversion; there was no conversion. Notice of extension earlier in 2022 has been previously reported. MFC.PR.I is tracked by HIMIPref™ and is included in the FixedReset (Discount) subindex.

Thanks to Assiduous Reader niagara for reminding me of this!

Capital Power Corporation has announced:

that it intends to redeem all of its 6,000,000 issued and outstanding 5.75% Cumulative Minimum Rate Reset Preference Shares, Series 9 (the “Series 9 Shares”) (TSX: CPX.PR.I) on September 30, 2022 (the “Redemption Date”) at a price of $25.00 per share (the “Redemption Price”) for an aggregate total of $150 million, less any tax required to be deducted and withheld by the Company.

As previously announced, the Company’s Board of Directors has declared a quarterly dividend of $0.359375 per Series 9 Share payable on September 30, 2022 (the “Q3 2022 Quarterly Dividend”). This will be the final quarterly dividend on the Series 9 Shares and, as the Redemption Date is also a dividend payment date, the Redemption Price will not include the Q3 2022 Quarterly Dividend. Instead, the Q3 2022 Quarterly Dividend will be paid on the Redemption Date separately to shareholders of record as of September 19, 2022.

The Company has provided notice today of the Redemption Price and the Redemption Date to the sole registered holder of the Series 9 Shares in accordance with their terms. Non-registered holders of Series 9 Shares should contact their broker or other intermediary for information regarding the redemption process for the Series 9 Shares in which they hold a beneficial interest.

CPX.PR.I is a FixedReset, 5.75%+412M575, that commenced trading 2017-8-9 after being announced 2017-7-27. The company announced on August 18 that they were considering redemption. The issue has been tracked by HIMIPref™ but relegated to the Scraps subindex on credit concerns.

Thanks to Assiduous Reader CanSiamCyp for ensuring I was aware of this development!