PrefBlog

Holy smokes, that didn’t take long!

RF.PR.A is a new issue that settled on February 22. The exercise of the greenshoe of 100,000 shares was announced March 20. Today’s closing quotation was 23.75-00, 2×3, on volume of 1,300 shares.

The company has announced:

that it intends to purchase up to 145,760 of the preference shares, series 1 of the Corporation (the “Shares”) for cancellation by way of a normal course issuer bid through the facilities of the Toronto Stock Exchange (the “TSX”). The 145,760 Shares represent approximately 10% of the public float of the Corporation. As of March 20, 2008, 1,540,000 Shares are issued and outstanding.
…
The purchases may commence on March 26, 2008 and will terminate on March 25, 2009, or on such earlier date as the Corporation may complete its purchase or provide notice of termination. Any such purchases will be made by the Corporation at the prevailing market price at the time of such purchases in accordance with the requirements of the TSX.

If Shares are offered on the TSX at prices that are less than or equal to $25.00, the Corporation may offer to purchase such Shares, if it determines that such purchases are in the best interests of shareholders, and subject to compliance with the applicable regulatory requirements and limitations.

The Corporation will not purchase in any 30 day period more than 30,800 Shares, being 2% of the issued and outstanding Shares as at the date of acceptance of the notice of the normal course issuer bid by the TSX.

This entry was posted on Monday, March 24th, 2008 at 5:42 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.