Element Fleet Management Corp. has announced (but not yet on their website):
Preferred Share Redemption
The Company also announced today its intention to redeem – in accordance with the terms of the Cumulative 5-Year Minimum Rate Reset Preferred Shares, Series I (the “Series I Shares”) as set out in the Company’s articles – all of its 6,000,000 issued and outstanding Series I Shares on June 30, 2022 (the “Redemption Date”) for a redemption price equal to $25.00 per Series I Share, together with all accrued and unpaid dividends up to but excluding the Redemption Date (the “Redemption Price”), less any tax required to be deducted and withheld by the Company.
The Company’s Board of Directors has declared a dividend of $0.3593750 per Series I Share payable on the Redemption Date to holders of record as of the close of business on June 15, 2022. This will be the final quarterly dividend on the Series I Shares, although holders will receive on redemption of the Series I Shares all accrued and unpaid dividends up to but excluding the Redemption Date.
The Company has provided notice today of the Redemption Price and the Redemption Date to the sole registered holder of the Series I Shares in accordance with the terms of the Series I Shares as set out in the Company’s articles. Non-registered holders of Series I Shares should contact their broker or other intermediary for information regarding the redemption process for the Series I Shares in which they hold a beneficial interest.
The Company’s transfer agent for the Series I Shares is Computershare Investor Services Inc. Questions regarding the redemption process may be directed to Computershare Investor Services Inc. at 1-800-564-6253 or by email to corporateactions@computershare.com.
EFN.PR.I is a FixedReset, 5.75%+464M575, that commenced trading 2017-5-5 after being announced 2017-4-26. It has been tracked by HIMIPref™ but is relegated to the Scraps index on credit concerns.
Thanks to Assiduous Reader CanSiamCyp for bringing this to my attention!
This entry was posted on Monday, May 9th, 2022 at 8:39 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.
EFN.PR.I To Be Redeemed
Element Fleet Management Corp. has announced (but not yet on their website):
EFN.PR.I is a FixedReset, 5.75%+464M575, that commenced trading 2017-5-5 after being announced 2017-4-26. It has been tracked by HIMIPref™ but is relegated to the Scraps index on credit concerns.
Thanks to Assiduous Reader CanSiamCyp for bringing this to my attention!
This entry was posted on Monday, May 9th, 2022 at 8:39 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.