Valener Inc. has announced:
that, after having taken into account all conversion notices received from holders of its outstanding Cumulative Rate Reset Preferred Shares, Series A (“Series A Shares”) by the September 29, 2017 deadline for the conversion of the Series A Shares into Cumulative Floating Rate Preferred Shares, Series B (“Series B Shares”), less than the 1,000,000 Series A Shares required to give effect to conversions into Series B Shares were tendered for conversion. As a result, none of Valener’s Series A Shares will be converted into Series B Shares on October 15, 2017.
It will be recalled that VNR.PR.A will reset to 4.62% effective 2017-10-15 and will henceforth be referred to as a FixedReset, 4.62%+281. It commenced trading 2012-6-6 as a FixedReset, 4.35%+281, after being announced 2012-5-15. The issue is tracked by HIMIPref™ and has been assigned to the FixedReset subindex.
I recommended against conversion.
This entry was posted on Tuesday, October 3rd, 2017 at 7:26 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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VNR.PR.A : No Conversion to FloatingReset
Valener Inc. has announced:
It will be recalled that VNR.PR.A will reset to 4.62% effective 2017-10-15 and will henceforth be referred to as a FixedReset, 4.62%+281. It commenced trading 2012-6-6 as a FixedReset, 4.35%+281, after being announced 2012-5-15. The issue is tracked by HIMIPref™ and has been assigned to the FixedReset subindex.
I recommended against conversion.
This entry was posted on Tuesday, October 3rd, 2017 at 7:26 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.