Well, I was late reporting the suspension of the capital unit dividend … and I am equally late reporting the reinstatement!
Brompton Announced on April 20:
that a monthly distribution in the amount of $0.10 per Class A share will be paid on May 14, 2009 to Class A shareholders of record at the close of business on April 30, 2009.
Recent improvement in equity markets has resulted in an increase in net asset value per unit (consisting of one class A share and one preferred share) of SBC to $16.32 as at April 16, 2009, which allows the Fund to reinstate the monthly class A share distribution. In accordance with the Class A Share Provisions and the prospectus, no cash distribution may be paid on the class A shares, if after payment of the distribution by the Fund, the net asset value per unit would be less than $15.00. The Fund will continue to monitor its net asset value per unit on a monthly basis to determine whether the Fund will pay a Class A distribution in each subsequent month. The Fund intends to continue to pay the $0.10 monthly, non-cumulative distribution per class A share in months where the net asset value per unit exceeds the $15.00 threshold after the payment of such distributions.
SBC.PR.A was last mentioned on PrefBlog when it was upgraded to Pfd-3(high) by DBRS. SBC.PR.A is tracked by HIMIPref™, but is relegated to the “Scraps” index on credit concerns.
[…] was last mentioned on PrefBlog when I reported the April 2009 reinstatement of the Capital Units dividend. SBC.PR.A is tracked by HIMIPref™, but is relegated to the Scraps index on credit […]