{"id":40523,"date":"2020-03-17T17:59:36","date_gmt":"2020-03-17T22:59:36","guid":{"rendered":"http:\/\/prefblog.com\/?p=40523"},"modified":"2020-03-17T17:59:36","modified_gmt":"2020-03-17T22:59:36","slug":"aim-pr-a-aim-pr-b-complete-43-conversion-to-fixedreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=40523","title":{"rendered":"AIM.PR.A \/ AIM.PR.B : Complete 43% Conversion to FixedReset"},"content":{"rendered":"

Aimia Inc. has announced<\/a>:<\/p>\n

that all of its 2,161,865 Cumulative Floating Rate Preferred Shares, Series 2 (the “Series 2 Preferred Shares”) will be converted into Cumulative Rate Reset Preferred Shares, Series 1 (the “Series 1 Preferred Shares”) on March 31, 2020. During the conversion notice period, which commenced on March 2, 2020 and ended at 5:00 p.m. (Montreal time) on March 16, 2020, 1,774,254 Series 2 Preferred Shares were tendered for conversion into Series 1 Preferred Shares. In accordance with the rights, privileges, restrictions and conditions attaching to the Series 2 Preferred Shares and the Series 1 Preferred Shares, since there would be fewer than 1,000,000 Series 2 Preferred Shares outstanding on March 31, 2020, after having taken into account all Series 2 Preferred Shares tendered for conversion into Series 1 Preferred Shares, all Series 2 Preferred Shares will be automatically converted into Series 1 Preferred Shares on March 31, 2020.<\/p>\n

In addition, despite the fact that, during the conversion notice period, 17,370 Series 1 Preferred Shares were tendered for conversion into Series 2 Preferred Shares, since there would be fewer than 1,000,000 Series 2 Preferred Shares outstanding on March 31, 2020, after having taken into account all Series 1 Preferred Shares tendered for conversion into Series 2 Preferred Shares, holders of Series 1 Preferred Shares who elected to tender their shares for conversion will not have their Series 1 Preferred Shares converted into Series 2 Preferred Shares on March 31, 2020 in accordance with the rights, privileges, restrictions and conditions attaching to the Series 1 Preferred Shares and the Series 2 Preferred Shares. As a result, no Series 2 Preferred Shares will be issued on March 31, 2020, all 2,161,865 Series 2 Preferred Shares will be automatically converted into Series 1 Preferred Shares on March 31, 2020 and no Series 2 Preferred Shares will remain issued and outstanding after March 31, 2020. As a result of the foregoing, after March 31, 2020, there will be 5,083,140 issued and outstanding Series 1 Preferred Shares, all of which will be listed on the Toronto Stock Exchange.<\/p><\/blockquote>\n

AIM.PR.A is a FixedReset, 4.50%+375, assigned to the Scraps-FixedReset (Discount) subindex. It commenced trading as AER.PR.A with an initial dividend rate of 6.50% on 2010-1-20<\/a> after being announced 2010-1-12<\/a>. AIM.PR.A changed its ticker from AER.PR.A<\/a> in October, 2011. The first extension was reported on PrefBlog<\/a> and the reset to 4.50% was announced 2015-3-2<\/a>. I recommended against conversion<\/a>. There was a 43% conversion to the FloatingReset, AIM.PR.B<\/a> in 2015. The 2020 extension was announced 2020-2-25<\/a>. AIM.PR.A will reset to 4.802% effective 2020-3-31<\/a>; at that time I opined that a decision on whether to convert or hold should be made according to each investor’s circumstances.<\/p>\n

AIM.PR.B commenced trading 2015-3-31 as the result of the 43% conversion from AIM.PR.A<\/a> noted above. I opined that a decision on whether to convert or hold should be made according to each investor’s circumstances<\/a>. AIM.PR.B will cease to exist on 2020-3-31.<\/p>\n","protected":false},"excerpt":{"rendered":"

Aimia Inc. has announced: that all of its 2,161,865 Cumulative Floating Rate Preferred Shares, Series 2 (the “Series 2 Preferred Shares”) will be converted into Cumulative Rate Reset Preferred Shares, Series 1 (the “Series 1 …<\/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-40523","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40523","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=40523"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/40523\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}