PrefBlog

Canaccord Genuity Group Inc. has announced:

that after having taken into account all election notices received by the September 15, 2016 conversion deadline in respect of the Cumulative 5-Year Rate Reset First Preferred Shares, Series A (the “Series A Preferred Shares”) tendered for conversion into Cumulative Floating Rate First Preferred Shares, Series B (the “Series B Preferred Shares”), the holders of the Series A Preferred Shares are not entitled to convert their shares. There were 761,594 Series A Preferred Shares tendered for conversion, which is less than the 1,000,000 shares required for the ability to proceed with the conversion into Series B Preferred Shares, in accordance with the terms of the Series A Preferred Shares.

There are currently 4,540,000 Series A Preferred Shares listed on the Toronto Stock Exchange under the symbol CF.PR.A.

I previously reported that CF.PR.A will reset at 3.885% for the next five years before resetting again at GOC-5 + 321bp. The FloatingReset shares, which will not be issued at the present time, would have paid three-month bills +321bp, reset quarterly. The notice of extension was also reported.

This entry was posted on Tuesday, September 20th, 2016 at 10:04 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.