NEW.PR.C: Partial Call for Redemption

Newgrowth Corp. has announced:

that it has called 803,467 Preferred Shares for cash redemption on June 24, 2011 (in accordance with the Company’s Articles) representing approximately 22.620% of the outstanding Preferred Shares as a result of the special annual retraction of 803,467 Capital Shares by the holders thereof. The Preferred Shares shall be redeemed on a pro rata basis, so that each holder of Preferred Shares of record on June 23, 2011 will have approximately 22.620% of their Preferred Shares redeemed. The redemption price for the Preferred Shares will be $13.70 per share.

In addition, holders of a further 849,325 Capital Shares and 849,325 Preferred Shares have deposited such shares concurrently for retraction on June 24, 2011. As a result, a total of 1,652,792 Capital Shares and 1,652,792 Preferred Shares, or approximately 37.5521% of both classes of shares currently outstanding, will be redeemed.

Holders of Preferred Shares that are on record for dividends but have been called for redemption will be entitled to receive dividends thereon which have been declared but remain unpaid up to but not including June 24, 2011.

Payment of the amount due to holders of Preferred Shares will be made by the Company on June 24, 2011. From and after June 24, 2011 the holders of Preferred Shares that have been called for redemption will not be entitled to dividends or to exercise any right in respect of such shares except to receive the amount due on redemption.

Huh. It was only two months ago that their warrant offering was completely subscribed and only three months ago that I was so pleased with the growth in shares outstanding that I added it to the HIMIPref™ database. Market timing … market schmiming, that’s what I say!

NEW.PR.C is tracked by HIMIPref™ and is assigned to the SplitShare index.

One Response to “NEW.PR.C: Partial Call for Redemption”

  1. […] was last mentioned on PrefBlog with respect to last year’s partial call for redemption. NEW.PR.C is tracked by HIMIPref™ but is assigned to the Scraps index on volume […]

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