{"id":42102,"date":"2021-03-20T11:59:47","date_gmt":"2021-03-20T16:59:47","guid":{"rendered":"http:\/\/prefblog.com\/?p=42102"},"modified":"2021-03-20T11:59:47","modified_gmt":"2021-03-20T16:59:47","slug":"rcg-pr-b-rcg-pr-c-forced-conversion-to-fixedreset","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=42102","title":{"rendered":"RCG.PR.B \/ RCG.PR.C : Forced Conversion To FixedReset"},"content":{"rendered":"

RF Capital Group Inc. has announced<\/a>:<\/p>\n

that after having taken into account all election notices received by the March 16, 2021 conversion deadline in respect of the Cumulative 5-Year Rate Reset Preferred Shares, Series B (the Series B Shares) and Cumulative Floating Rate Preferred Shares, Series C (the Series C Shares), if the Company were to give effect to such notices there would be only 905,752 Series C Shares outstanding after the conversation date of March 31, 2021 (the Conversion Date).<\/p>\n

The terms of the Series B Shares provide that if, after giving effect to all election notices at the close of business on March 16, 2021, there would be outstanding less than 1 million Series C Shares after the Conversion Date, then no holders of Series B Shares are permitted to convert their Series B Shares into Series C Shares. Accordingly, the holders of the Series B Shares are not entitled to convert their shares.<\/p>\n

The terms of the Series C Shares provide that if, after giving effect to all election notices at the close of business on March 16, 2021, there would remain outstanding less than 1 million Series C Shares after the Conversion Date, then all remaining outstanding Series C Shares will automatically convert into Series B Shares, on a one-for-one basis, on the Conversion Date. Accordingly, on March 31, 2021, all Series C Shares will automatically convert to Series B Shares on the basis of one Series B Share for each Series C Share.<\/p>\n

Effective as of the Conversion Date there will be 4.6 million Series B Shares listed on the Toronto Stock Exchange under the symbol RCG.PR.B.<\/p><\/blockquote>\n

RCG.PR.B was issued as GMP.PR.B, a FixedReset 5.50%+289, which commenced trading 2011-2-22<\/a> after being announced 2011-2-1<\/a>. The notice of extension was reported on PrefBlog<\/a>. The issue reset at 3.611%<\/a> in 2016; there was a 22% conversion to GMP.PR.C<\/a>. It is tracked by HIMIPref™ but is relegated to the Scraps index on credit concerns. The ticker was changed from GMP.PR.B to RCG.PR.B<\/a> in 2020, following a name change. The issue reset to 3.73%<\/a> in 2021.<\/p>\n

RCG.PR.C is a FloatingReset, Bills+289, that came into existence via a 22% conversion from GMP.PR.B<\/a> in 2016. The ticker was changed from GMP.PR.C to RCG.PR.C<\/a> in 2020, following a name change.<\/p>\n","protected":false},"excerpt":{"rendered":"

RF Capital Group Inc. has announced: that after having taken into account all election notices received by the March 16, 2021 conversion deadline in respect of the Cumulative 5-Year Rate Reset Preferred Shares, Series B …<\/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-42102","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42102","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=42102"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/42102\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=42102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=42102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=42102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}