Manulife Asset Management Limited has announced:
that securityholders of the Corporation did not approve the extension of the termination date of the Class A Shares and Preferred Shares of the Corporation for an additional term of five years from May 31, 2011 to May 31, 2016. The Corporation will, therefore, terminate effective May 31, 2011 in accordance with its constating documents. On termination, shares of the Corporation will be redeemed and, following the payment or reservation for payment of all liabilities of the Corporation, the remaining property of the Corporation will be distributed to the Corporation’s shareholders in accordance with the terms of the Corporation’s constating documents. Shareholders need not take any action to receive the final distribution proceeds on termination of the Corporation.
This constitutes a rare victory of preferred shareholders over abusive management-inspired shareholder votes, for which the main cheerleaders were the directors:
- Paul Lorentz
- Sheila Hart
- Jennifer Mercanti
- Warren Law
Preferred share investors should exercise greater than usual caution before purchasing preferred shares issued by any corporation which includes any of these persons as directors.
ASC.PR.A was last mentioned on PrefBlog in the post ASC.PR.A Rigamarole Extraordinarily Abusive. ASC.PR.A is tracked by HIMIPref™, but is relegated to the Scraps index on credit concerns.
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