{"id":1592,"date":"2007-12-13T15:35:06","date_gmt":"2007-12-13T19:35:06","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1592"},"modified":"2007-12-13T15:35:06","modified_gmt":"2007-12-13T19:35:06","slug":"cibc-still-trying-to-cancel-series-28-prefs","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1592","title":{"rendered":"CIBC Still Trying to Cancel Series 28 Prefs"},"content":{"rendered":"<p>CM.PR.G is a bit of a funny issue &#8211; the <a href=\"http:\/\/www.cibc.com\/ca\/pdf\/investor\/preferred-shares\/series-28-29-prospectus-en.pdf\">prospectus dated June 4, 2004<\/a> offered Series 28 Prefs that came attached to warrants to purchase Series 29 (which is CM.PR.G) after November 1, 2004.<\/p>\n<p>I don&#8217;t know why they did it this way &#8230; I&#8217;ll have to do some more digging at some point. It may be somewhere in the files!<\/p>\n<p>If the conversion was not exercised, the dividend dropped to less than 1% of par, so the Series 28 is best thought of as an installment receipt for the &#8220;real&#8221; issue, CM.PR.G, Series 29, which is exchange traded. Series 28 is not exchange traded.<\/p>\n<p>Anyway, the <a href=\"http:\/\/www.cibc.com\/ca\/pdf\/investor\/2007-financial-results-en.pdf\">2007 financials<\/a> disclose (page 115) that there are still 2,500 Series 28 shares outstanding &#8230; $25-thousand worth. In 2007, they purchased 558 shares for cancellation.<\/p>\n<p>But <a href=\"http:\/\/micro.newswire.ca\/release.cgi?rkey=1511201456&#038;view=16497-0&#038;Start=0\">they&#8217;re still trying<\/a>! Got to get this ridiculous item off the books somehow!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CM.PR.G is a bit of a funny issue &#8211; the prospectus dated June 4, 2004 offered Series 28 Prefs that came attached to warrants to purchase Series 29 (which is CM.PR.G) after November 1, 2004. &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-1592","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1592","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=1592"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1592\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1592"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1592"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1592"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}