CIBC Still Trying to Cancel Series 28 Prefs

CM.PR.G is a bit of a funny issue – the prospectus dated June 4, 2004 offered Series 28 Prefs that came attached to warrants to purchase Series 29 (which is CM.PR.G) after November 1, 2004.

I don’t know why they did it this way … I’ll have to do some more digging at some point. It may be somewhere in the files!

If the conversion was not exercised, the dividend dropped to less than 1% of par, so the Series 28 is best thought of as an installment receipt for the “real” issue, CM.PR.G, Series 29, which is exchange traded. Series 28 is not exchange traded.

Anyway, the 2007 financials disclose (page 115) that there are still 2,500 Series 28 shares outstanding … $25-thousand worth. In 2007, they purchased 558 shares for cancellation.

But they’re still trying! Got to get this ridiculous item off the books somehow!

One Response to “CIBC Still Trying to Cancel Series 28 Prefs”

  1. […] CM.PR.K, CM.PR.L, CM.PR.M. All are tracked by HIMIPref™. There is also the ridiculous Series 28, which is not listed and therefore has no […]

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