XCM.PR.A: Reorganization Plan Defeated

Bravo!

Commerce Split Corp. has announced:

Commerce Split Corp. (the “Company”) held a meeting today, Thursday February 5, 2009 to vote on the special resolution of the proposed reorganization of the Company. The vote has not been carried, and therefore the proposed capital reorganization will not be implemented. Management thanks all shareholders for considering the proposed reorganization.

PrefBlog had recommended defeat of the proposal, on the grounds Preferred Shareholders were giving a gift to the wiped-out capital unitholders. NAVPU was 9.05 as of January 30, according to the company.

XCM.PR.A is not tracked by HIMIPref™.

This entry was posted on Thursday, February 5th, 2009 at 9:50 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.

3 Responses to “XCM.PR.A: Reorganization Plan Defeated”

  1. franceal says:
    February 19, 2009 at 10:31 am

    Company issued a pressed release last night advising the dividend on the preferred shares have been suspended to preserve cash and allow the NAV to return to the $10.00.

  2. PrefBlog » Blog Archive » XCM.PR.A Suspends Preferred Dividend says:
    February 19, 2009 at 11:29 am

    […] XCM.PR.A is not tracked by HIMIPref™. It was last mentioned on PrefBlog when the preferred-shareholder-hostile reorganization plan was defeated. […]

  3. PrefBlog » Blog Archive » XCM.PR.A Refuses to Wind-Up says:
    June 22, 2009 at 11:44 am

    […] Huh. Providing no value – indeed, taking away value – for the preferred shareholders didn’t seem to stop their last proposal from coming to vote. […]

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