{"id":15085,"date":"2011-05-18T10:50:29","date_gmt":"2011-05-18T14:50:29","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=15085"},"modified":"2011-05-18T10:50:29","modified_gmt":"2011-05-18T14:50:29","slug":"asc-pr-a-holders-to-get-partial-dividend-on-redemption","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=15085","title":{"rendered":"ASC.PR.A Holders to Get Partial Dividend on Redemption"},"content":{"rendered":"

Manulife Investments has announced<\/a>:<\/p>\n

that an accrued quarterly cash distribution in the amount of $0.08798 per Preferred Share of the Corporation will be included in the final redemption amount to be paid on or about June 6, 2011 to Preferred shareholders of record as of May 31, 2011. Such distribution will consist of $0.00443 of eligible Canadian dividends and $0.08355 return of capital and has been prorated to reflect the previously announced termination of the Corporation effective May 31, 2011. Class A shareholders are not entitled to this accrued cash distribution. It is not expected that the Corporation will declare any special capital gain dividends prior to the final redemption payment. As previously announced, at a special meeting held on April 4, 2011 the Corporation’s shareholders voted to terminate the Corporation effective May 31, 2011, in accordance with its constating documents. Shareholders need not take any action to receive the final redemption proceeds on termination of the Corporation. In advance of the termination of the Corporation, the Preferred Shares and the Class A Shares will be delisted from the Toronto Stock Exchange as at the close of trading on May 31, 2011.<\/p><\/blockquote>\n

The NAV of ASC.PR.A was 10.375 on 2011-5-6<\/a> – given the horrible credit quality of the preferreds, only a really, really stupid preferred shareholder would have voted in favour of the plan.<\/p>\n

Preferred shareholders were victorious in the shareholder vote<\/a>, despite a recommendation by the directors of the firm:<\/p>\n