IQW.PR.C June Conversion Ratio Announced

Quebecor World has announced:

that it has determined the final conversion rate applicable to the 517,184 Series 5 Cumulative Redeemable First Preferred Shares (TSX: IQW.PR.C) (the “Series 5 Preferred Shares”) that will be converted into Subordinate Voting Shares effective as of June 1, 2008. Taking into account all accrued and unpaid dividends on the Series 5 Preferred Shares up to and including June 1, 2008, Quebecor World has determined that, in accordance with the provisions governing the Series 5 Preferred Shares, each Series 5 Preferred Share will be converted on June 1, 2008 into 13.146875 Subordinate Voting Shares. Registered holders of Series 5 Preferred Shares who submitted notices of conversion on or prior to March 27, 2008 will receive in the coming days from Quebecor World’s transfer agent and registrar, Computershare Investor Services Inc., certificates representing their Subordinate Voting Shares resulting from the conversion. Approximately 6.8 million new Subordinate Voting Shares will thus be issued by Quebecor World to holders of Series 5 Preferred Shares on June 1, 2008.

There are currently 3,024,337 IQW.PR.C outstanding, according 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 default.

IQW currently has a negative net worth and is in creditor protection.

2 Responses to “IQW.PR.C June Conversion Ratio Announced”

  1. […] of the preferred shareholders are very slim. However, this provision has been very important in the conversion of IQW.PR.C in which the $2 stated minimum price is used, rather than the market price of somewhere around […]

  2. […] in the conversion, with the minimum of $2.00 per common share used as the denominator. In the last conversion, the ratio was 13.146875 common per preferred […]

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