PrefBlog

CA Bancorp Canadian Realty Finance Corporation has announced:

that the Class A and Series 1 Preferred Shareholders of the Corporation, each voting separately as a class, voted today to approve a special resolution to effect the following proposed transaction (the “Transaction”):

• •the acquisition of all of the issued and outstanding shares of C.A. Bancorp Ltd., the manager of the Corporation, (the “Manager”) by Green Tree Capital Management Corp. (“Green Tree”);
• •an amendment to the commitment agreement (the “Commitment Agreement”) dated January 31, 2008 between the Corporation and C.A. Bancorp Inc., the parent corporation of the Manager, (the “Parent”) to permit the assignment by the Parent of the Commitment Agreement to Green Tree and the release of the Parent from any further obligations under the Commitment Agreement; and
• •an amendment to the management agreement between the Manager and the Corporation to provide that the Manager is not entitled to payment of a termination fee where the management agreement is terminated by the Corporation in the context of a material breach or default.

The Transaction is expected to be completed on or about May 11, 2011.

I had recommended a “No” vote Ah, well, we’ll just have to see what happens.

RF.PR.A is not tracked by HIMIPref™.

This entry was posted on Thursday, May 5th, 2011 at 10:02 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.