PrefBlog

Energy Split Corp. has announced:

that it has called 24,300 Preferred Shares for cash redemption on September 16, 2008 (in accordance with the Company’s Articles) representing approximately 1.110% of the outstanding Preferred Shares as a result of the special annual retraction of 253,600 Capital Shares by the holders thereof. The Preferred Shares shall be redeemed on a pro rata basis, so that each holder of Preferred Shares of record on September 15, 2008 will have approximately 1.110% of their Preferred Shares redeemed. The redemption price for the Preferred Shares will be $21.00 per share.

Holders of Preferred Shares that are on record for dividends but have been called for redemption will be entitled to receive dividends thereon which have been declared but remain unpaid up to but not including September 16, 2008.

Payment of the amount due to holders of Preferred Shares will be made by the Company on September 16, 2008. From and after September 16, 2008 the holders of Preferred Shares that have been called for redemption will not be entitled to dividends or to exercise any right in respect of such shares except to receive the amount due on redemption.

ES.PR.B was last mentioned on PrefBlog in connection with DBRS’s downgrade to Pfd-3(high) at this time last year, when asset coverage was 1.52:1. Asset coverage is 1.92:1 as of August 28 according to Scotia.

ES.PR.B is not tracked by HIMIPref™.

This entry was posted on Friday, August 29th, 2008 at 5:26 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.