PVS.PR.D To Be Redeemed At Small Premium

Partners Value Split Corp. has announced (on March 15):

its intention to redeem all 7,990,000 of its Class AA Preferred Shares, Series 6 (“Preferred Shares, Series 6”) for cash on March 31, 2021 (the “Redemption Date”) in accordance with the terms of the Preferred Shares, Series 6.

The redemption price per Preferred Shares, Series 6 will be equal to C$25.25 plus accrued and unpaid dividends of C$0.09272 per share to March 30, 2021 representing a total redemption price of C$25.34272 per share (the “Redemption Price”).

Notice will be delivered to holders of the Preferred Shares, Series 6 in accordance with the terms of the Preferred Shares, Series 6.

From and after the Redemption Date, the Preferred Shares, Series 6 will cease to be entitled to dividends or any other participation in any distribution of the assets of the Company and the holders thereof shall not be entitled to exercise any of their other rights as shareholders in respect thereof except to receive the Redemption Price (less any tax required to be deducted and withheld by the Company). After the redemption of the Preferred Shares, Series 6, the Company will consolidate the existing capital shares held by Partners Value Investments Inc. so that there are an equal number of preferred shares and capital shares outstanding.

Given that the directors and officers of PVS:

  • Frank N.C. Lochan
  • James L.R. Kelly
  • Ralph J. Zarboni
  • Brian D. Lawson
  • Leslie Yuen
  • Bryan Sinclair
  • Loretta M. Corso

continue to be a useless pack of bozos, this information is not yet available on the company website.

The intent to redeem this issue was announced in September, 2020; the issue commenced trading in July 2014 as BNA.PR.F, a SplitShare, 4.50%, with 7-year term announced 2014-6-16 but the ticker symbol was changed in July 2014.

Note that the $0.25 redemption premium is taxable as a dividend. Some investors may wish to sell on the market prior to the redemption so that the market premium (probably a few pennies less than $0.25) is taxed as a capital gain, which may be offset be capital losses on other trades.
Update, 2021-3-22 The press release finally made its appearance on the company website.

One Response to “PVS.PR.D To Be Redeemed At Small Premium”

  1. monkey5672 says:

    Love all your digs at the Brookfield crowd!

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