Partners Value Split Corp. has announced (although not yet on their website):
its intention to redeem all 7,631,100 of its Class AA Preferred Shares, Series 3 (“Preferred Shares, Series 3”) for cash on January 10, 2019 (the “Redemption Date”) in accordance with the terms of the Preferred Shares, Series 3.
The redemption price per Preferred Shares, Series 3 will be equal to C$25.00 plus accrued and unpaid dividends of C$0.1222 per share to January 9, 2019, representing a total redemption price of C$25.1222 per share (the “Redemption Price”).
Notice will be delivered to holders of the Preferred Shares, Series 3 in accordance with the terms of the Preferred Shares, Series 3.
From and after the Redemption Date, the Preferred Shares, Series 3 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 3, 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.
PVS.PR.B commenced trading as a ticker change from BNA.PR.C. BNA.PR.C commenced trading 2007-1-10 as a SplitShare, 12-Year, 4.35% after being announced 2006-12-20. It is famous for the immense confusion surrounding its first dividend and for having been recommended in the December 2008 PrefLetter with a quote of 8.15-39 and a yield of 20.59%. Asset Coverage even in those dark days was “just under 1.7:1 as of December 12, based on 2.4 shares of BAM.A per unit.” It was recommended at other times too, of course, but that one sticks in my mind because the yield was so awesome.
Farewell, PVS.PR.B! You were a very useful issue for a very long time!