NewGrowth Corp has announced:
that its Board of Directors has retained Scotia Capital to advise the Company on a possible extension and reorganization of the Company. There is no guarantee that after such review an extension will be proposed or if proposed, will be approved by shareholders.
NewGrowth Corp. is a mutual fund corporation whose investment portfolio consists of publicly-listed securities of selected Canadian chartered banks and utility issuers. The Capital Shares and Preferred Shares of NewGrowth Corp. are both listed for trading on The Toronto Stock Exchange under the symbols NEW.A and NEW.PR.B respectively.
The preferreds currently have asset coverage of 1.9+:1 as of February 5, according to Scotia and are scheduled for full redemption June 26, 2009. There was a tiny call for redemption in June 2008, at which date there was a face value of $42.5-million in preferreds outstanding
NEW.PR.B is not tracked by HIMIPref™.
[…] was last mentioned on PrefBlog when it was announced that the the company was considering a term extension. Given that the capital units, NEW.A, were issued at $1.93 and now have an NAV of $13.71, it is not […]