Quadravest has announced:
New Commerce Split (the “Company”) announced today that it will redeem 1,011,720 Class I Preferred Shares (YCM.PR.A) and 1,011,720 Class II Preferred Shares (YCM.PR.B) for cash redemption on January 5, 2015. This redemption represents approximately 36.91% of the outstanding Preferred Shares and allows the Company to fulfill the requirement to maintain an equal number of shares of all classes after holders of 1,011,720 Capital Shares (YCM) exercised their 2014 Special Retraction rights. The 2014 Special Retraction right was given to all shareholders in connection with the extension of the termination date from December 1, 2014 to December 1, 2019 as approved at the May 14, 2014 Special Meeting of Shareholders.
The Class I and Class II Preferred Shares will be redeemed on a pro rata basis, so that Preferred Shareholders of record on the close of business on December 31, 2014 will have approximately 36.91% of their Preferred Shares redeemed. The redemption price of $5.00 per Class I Preferred Share and $5.00 per Class II Preferred Share will be paid on January 5, 2015. Holders of Class I and Class II Preferred Shares that have been called for redemption will be entitled to receive the regular monthly dividends declared for the December 31, 2014 record date, payable January 9, 2015.
The net asset value per unit as of the close of business on December 17, 2014 was $11.35 per unit after giving effect to the Capital Shares Special Retraction payment and the Class I and Class II Preferred Share redemption. Preferred shares are only redeemable by the Company on the set redemption dates, the next such date being December 1, 2019.
YCM.PR.A and YCM.PR.B were last mentioned on PrefBlog in connection with the recent warrant expiry (it doesn’t look like there was much, if any, exercise – the news page has no announcement). YCM.PR.A and YCM.PR.B are not tracked by HIMIPref™.
This entry was posted on Wednesday, December 17th, 2014 at 10:38 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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YCM.PR.A and YCM.PR.B: Large Partial Redemption
Quadravest has announced:
YCM.PR.A and YCM.PR.B were last mentioned on PrefBlog in connection with the recent warrant expiry (it doesn’t look like there was much, if any, exercise – the news page has no announcement). YCM.PR.A and YCM.PR.B are not tracked by HIMIPref™.
This entry was posted on Wednesday, December 17th, 2014 at 10:38 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.