{"id":1577,"date":"2007-12-11T20:16:03","date_gmt":"2007-12-12T00:16:03","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1577"},"modified":"2007-12-11T20:16:03","modified_gmt":"2007-12-12T00:16:03","slug":"abkprc-to-be-redeemed-on-schedule-in-march-2008","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1577","title":{"rendered":"ABK.PR.C to be Redeemed on Schedule in March 2008"},"content":{"rendered":"<p>Allbanc Split Corp <a href=\"http:\/\/www.scotiamanagedcompanies.com\/mcapp\/ABK_12_11_2007.pdf?FILE=ABK_12_11_2007.pdf&#038;TYPE=PRESS_RELEASE&#038;CONTENT_TYPE=pdf\">has announced<\/a>:<\/p>\n<blockquote><p>that its Board of Directors has approved a proposal to reorganize the Company. The reorganization will permit holders of Class A Capital Shares to extend their investment in the Company beyond the redemption date of March 10, 2008 for up to an additional 5 years. The Class A Preferred Shares will be redeemed on the same terms originally contemplated in their share provisions. Holders of Class A Capital Shares who do not wish to extend their investment and all holders of Class A Preferred Shares will have their shares redeemed on March 10, 2008.<\/p>\n<p>The reorganization will involve (i) the extension of the originally scheduled redemption date, (ii) a special retraction right to enable holders of Class A Capital Shares to retract their shares as originally contemplated should they not wish to extend their investment and (iii) the creation of a new class of shares to be known as the Class B Preferred Shares in order to provide continuing leverage for the Class A Capital Shares. The reorganization will be subject to receipt of all necessary regulatory approvals.<\/p>\n<p>A special meeting of holders of Class A Capital Shares has been called and will be held on January 25, 2008 to consider and vote upon the reorganization. Details of the proposed reorganization will be outlined in an information circular to be prepared and delivered to holders of Class A Capital Shares in connection with the special meeting.<\/p><\/blockquote>\n<p>So &#8211; the <a href=\"http:\/\/www.prefblog.com\/?p=1369\">pondering that commenced October 25<\/a> has resulted in a proposed term-extension for the Capital Shares, but not for the preferreds &#8211; given that the <a href=\"http:\/\/www.scotiamanagedcompanies.com\/mcapp\/portfolio.do?com=ABK\">NAVPU is $196.93 as of December 6<\/a>, giving asset coverage of 3.23:1, they should be able to issue\u00a0a larger amount of preferreds\u00a0while maintaining asset coverage in the 2.2:1 area.<\/p>\n<p>ABK.PR.C is tracked by HIMIPref\u2122 with the <a href=\"http:\/\/www.prefshares.com\/glossary.html#securityCode\">securityCode<\/a> A33000. It is not included in the SplitShare index due to volume concerns.<\/p>\n<p>Many thanks to the Assiduous Reader who brought this news release to my attention!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Allbanc Split Corp has announced: that its Board of Directors has approved a proposal to reorganize the Company. The reorganization will permit holders of Class A Capital Shares to extend their investment in the Company &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-1577","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1577"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1577\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}