IQW.PR.C Conversion to IQW

Quebecor World has announced:

that, on or prior to March 27, 2008, it received notices in respect of 517,184 of its remaining 3,024,337 issued and outstanding Series 5 Cumulative Redeemable First Preferred Shares (TSX: IQW.PR.C) (the “Series 5 Preferred Shares”) requesting conversion into the Company’s Subordinate Voting Shares (TSX: IQW).

In accordance with the provisions governing the Series 5 Preferred Shares, registered holders of such shares are entitled to convert all or any number of their Series 5 Preferred Shares into a number of Subordinate Voting Shares effective as of June 1, 2008 (the “Conversion Date”), provided such holders gave notice of their intention to convert at least 65 days prior to the Conversion Date. The Series 5 Preferred Shares are convertible into that number of the Company’s Subordinate Voting Shares determined by dividing Cdn$25.00 together with all accrued and unpaid dividends on such shares up to May 31, 2008 by the greater of (i) Cdn$2.00 and (ii) 95% of the weighted average trading price of the Series 5 Preferred Shares on the Toronto Stock Exchange during the period of twenty trading days ending on May 28, 2008.

The next conversion date on which registered holders of the Series 5 Preferred Shares will be entitled to convert all or any number of such shares into Subordinate Voting Shares is September 1, 2008, and notices of conversion in respect thereof must be deposited with the Company’s transfer agent, Computershare Investor Services Inc., on or before June 27, 2008.

IQW closed today at $0.15-0.155, 52×140, on volume of 2,305,378 in a range of $0.145-0.16.

IQW.PR.C closed today at $0.76-0.92, 3×16, on volume of 600 all at $0.75.

It’s interesting that accrued but unpaid dividends are included in the conversion total! The prior conversion took effect March 1.

2 Responses to “IQW.PR.C Conversion to IQW”

  1. […] to the TSX – thus, just over a sixth of the shares are being converted. The notice of conversion was reported on PrefBlog. The preferred shares are in […]

  2. […] Update: See also previous post for IQW.PR.C. […]

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