POW.PR.F Sinking Fund, Part 3

Assiduous Readers of the post POW.PR.F Sinking Fund will remember that Power Corporation is required to make all reasonable efforts to purchase 80,000 shares of this issue every year, but have missed their target in each of the past three years.

In addition it will be remembered that this repurchase is not a “Normal Course Issuer Bid”, so there are no fancy rules of which I am aware that prohibit things like buying on an uptick, or whatever.

I have written them, pointing out that the offer price of POW.PR.F has not exceeded the sinking fund upper limit price of $50,00 on any occasion in the last three calendar years, and asking them to clarify the meaning of the word “reasonable”, but have not yet received a reply.

While waiting, I took four snapshots of the market for POW.PR.F today:

… one at 1:30pm …

Click for Big

… the second at 2:30pm …

Click for Big

… the third at 3:35pm …

Click for Big

… and the fourth at 3:55pm …

Click for Big

So, I will await their 14Q2 report with great interest, and if they have not met their 20,000 share per quarter quota again in the past quarter, I will ask them to clarify why these offers were not lifted.

I enjoy being a prick.

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