PrefBlog

As indicated in the post New Issue: FCS SplitShare, Interest-Bearing, 6.00%, 4.5-Year, Faircourt Asset Management has announced (although not yet on their website):

The net proceeds of the Offering of Preferred Securities will be used to fund the redemption of the 6.25% preferred securities of the Trust which mature on December 31, 2014.

FCS.PR.B has been tracked by HIMIPref™ but has been relegated to the Scraps index on both credit and volume concerns. FCS.PR.B was last mentioned on PrefBlog in connection with the 2013 retraction.

Update, 2014-12-18: They have been more verbose (although again not yet on their website):

Faircourt Asset Management Inc., as manager for Faircourt Split Trust (TSX:FCS.UN)(TSX:FCS.PR.B) (the “Trust”) is pleased to remind the holders of the Trust’s 6.25% Preferred Securities that such 6.25% Preferred Securities are scheduled to mature on December 31, 2014. Payment of the principal will be made in accordance with the provisions of the trust indenture and first supplemental indenture governing the 6.25% Preferred Securities. Accrued interest will also be paid on December 31, 2014 to holders of record as of December 18, 2014, as per the Trust’s previously announced quarterly interest payment press release made on December 10, 2014.

Faircourt Asset Management Inc. is the Investment Advisor for Faircourt Gold Income Corp, Metals Plus Income Corp, and Faircourt Split Trust.

This entry was posted on Thursday, December 11th, 2014 at 1:58 am 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.