PrefBlog

In accordance with the company’s plans, Energy Split Corp. II Inc. has announced:

that the final condition required to extend the term of the Company for an additional three years to December 16, 2010, has been met. Holders of Capital Yield Shares and holders of ROC Preferred Shares previously approved the extension of the term of the Company subject to the condition that a minimum of 1,280,000 Capital Yield Shares remain outstanding following the November 16, 2007 additional special retraction right (the “Special Retraction Right”). Following the Special Retraction, 2,366,686 Capital Yield Shares (representing 98% of the currently outstanding Capital Yield Shares) will remain outstanding.
…
In order to increase the asset coverage for the continuing ROC Preferred Shares and in order to meet the requirements needed to maintain the current rating of Pfd-2 (low), the Company expects to call approximately 16% of the continuing ROC Preferred Shares for redemption on December 14, 2007 on the same basis as those tendered to the Special Retraction Right. The exact number of shares called for redemption will be announced on November 30, 2007. While the Company expects to receive a confirmation of the Pfd-2 (low) rating on the ROC Preferred Shares, the redemption and reorganization is not conditional on the rating being maintained. Upon the completion of the reorganization, the Company expects to adjust the number of remaining outstanding ROC Preferred Shares by way of sub-division in order to maintain the ratio of Capital Yield Shares to ROC Preferred Shares of two-to-one.

EN.PR.A is tracked by HIMIPref™, but is not included in any of the indices due to low average volume. There are a mere 1,209,398 shares outstanding, according to the Toronto Stock Exchange.

This entry was posted on Monday, November 19th, 2007 at 3:20 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.