{"id":25247,"date":"2014-05-14T17:50:50","date_gmt":"2014-05-14T22:50:50","guid":{"rendered":"http:\/\/prefblog.com\/?p=25247"},"modified":"2014-05-14T17:50:50","modified_gmt":"2014-05-14T22:50:50","slug":"ftn-pr-a-term-extended","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=25247","title":{"rendered":"FTN.PR.A Term Extended"},"content":{"rendered":"<p>Quadravest <a href=\"http:\/\/financial15.com\/pdf\/FTN\/FTN%20May14.14-SpecMtgResults.pdf\">has announced<\/a>:<\/p>\n<blockquote><p>Financial 15 Split Corp. (the \u201cCompany\u201d) is pleased to announce that shareholders have voted over 95% in favor of all management\u2019s proposals at a shareholder meeting held earlier today. Management would like to sincerely thank shareholders and their advisors for this overwhelming level of support.<\/p>\n<p>As a result, the termination date of the Company will be extended to December 1, 2020 and all other matters included with the resolutions approved at the meeting will be implemented.<\/p>\n<p>Full details of the resolutions are contained in the Management Information Circular available on Sedar and the Company\u2019s website.<\/p><\/blockquote>\n<p>The proposal, and my positive recommendation, was <a href=\"http:\/\/prefblog.com\/?p=25010\">reported on PrefBlog<\/a>. In case anybody&#8217;s wondering <a href=\"http:\/\/financial15.com\/pdf\/FTN\/FTN_Circular_2014%20FINAL.pdf\">why they thanked their advisors<\/a>:<\/p>\n<blockquote><p>The Company will also pay a dealer whose clients hold Shares of the Company a fee of $0.05 in respect of each Preferred Share and $0.10 in respect of each Class A Share voted by the client of such dealer in favour of the special resolutions, to a maximum payment of $1,000 per beneficial holder, and provided that such client does not retract the Shares so voted pursuant to the 2014 Special Retraction Right.<\/p><\/blockquote>\n<p>FTN.PR.A is tracked by HIMIPref&trade;, but relegated to the Scraps index on credit concerns.<\/p>\n<p>I have processed the change of terms in the HIMIPref&trade; database, changing the security code from A45251 to A45252. I have assigned a rate of 5.25% for the extended term since:<\/p>\n<blockquote><p>The prescribed minimum dividend amount for the Preferred Shares would be set at 5.25% of the Preferred Share Repayment Amount for the initial five year extension term beginning on December 1, 2015 and ending on November 30, 2020<\/p><\/blockquote>\n<p>It seems unlikely, given current market conditions, that the dividend rate declared for the initial five year extension term will be in excess of the 5.25% minimum, but that will be decided prior to the end of September, 2015, in advance of the &#8216;Special 2015 Retraction&#8217;. So if it&#8217;s more, I&#8217;ll just have to change the HIMIPref&trade; database terms again.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quadravest has announced: Financial 15 Split Corp. (the \u201cCompany\u201d) is pleased to announce that shareholders have voted over 95% in favor of all management\u2019s proposals at a shareholder meeting held earlier today. Management would like &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,13],"tags":[],"class_list":["post-25247","post","type-post","status-publish","format-standard","hentry","category-data-fixes","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25247","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=25247"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25247\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}