FIG.PR.A Partial Redemption

Better late than never! In a press release dated July 4, Faircourt Income & Growth Split Trust announced:

After giving effect to the redemption of the Trust Units, and in order to maintain appropriate balance in the fund between the Trust Units and Preferred Securities, the Manager announces that $45,000,000 in aggregate principal amount of the Trust’s 6.25% outstanding Preferred Securities (the “Preferred Securities”) will be redeemed on August 3, 2007 (the “Redemption Date”).

Interestingly, this press release is not to be found on the fund’s website.

The proportion of preferred securities redeemed is slightly over 25% of the total.

I noted the high yield available on this issue in the June Index Review – with the redemption, a lot of that yield has been received earlier than anticipated!

Update, 2007-08-11: The last commentary regarding this issue had to do with the DBRS credit review. There appears to have been some kind of oversight at DBRS – the issue is still “Under Review – Developing”

This entry was posted on Monday, August 6th, 2007 at 4:11 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “FIG.PR.A Partial Redemption”

  1. PrefBlog » Blog Archive » FIG.PR.A : Partial Redemption says:
    February 1, 2008 at 6:44 pm

    […] Assiduous Readers with extremely good memories will recall that there was also a redemption last August. The TSX states that 17,464,308 shares are outstanding, therefore the redemption proportion is a bit more than one-sixth. […]

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