{"id":678,"date":"2007-03-13T21:34:49","date_gmt":"2007-03-14T01:34:49","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=678"},"modified":"2007-03-13T21:34:49","modified_gmt":"2007-03-14T01:34:49","slug":"dfnpra-meeting-to-extend-term","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=678","title":{"rendered":"DFN.PR.A : Meeting to Extend Term?"},"content":{"rendered":"

Dividend 15 Split Corp.<\/a> is a fairly unusual split-share corporation, in that they have been able to increase the number of shares outstanding since they were first traded 2004-3-16:<\/p>\n

\n\n\n\n\n\n\n\n
DFN.PR.A Shares Outstanding<\/td>\n<\/tr>\n
Date<\/td>\nAction<\/td>\nShares<\/td>\n<\/tr>\n
2004-3-16<\/td>\nIssue @ $10.00<\/td>\n8,400,000<\/td>\n<\/tr>\n
FY 2006<\/td>\nIssue @ $10.75<\/td>\n1,215,000<\/td>\n<\/tr>\n
FY 2006<\/td>\nRedemption<\/td>\n(211,500)<\/td>\n<\/tr>\n
Current Outstanding<\/strong><\/td>\n\u00a0<\/td>\n9,403,500<\/strong><\/td>\n<\/tr>\n<\/table>\n<\/div>\n

This issue has redemption terms I like: there ain’t none. Just the maturity 2009-12-1. Capital unitholders\u00a0who wish to retract have to go out and buy a matching pref (or have the company do so on their behalf).\u00a0<\/p>\n

The company has now announced<\/a> that<\/p>\n

\n

it will hold a special meeting of the shareholders on April 24, 2007. Shareholders of each Fund are being asked to consider a special resolution to amend the articles of Fund to extend the mandatory redemption date for the Class A Shares and the Preferred Shares to December 1, 2014.<\/p>\n<\/blockquote>\n

No word on whether there will be a simultaneous decrease in the dividends payable – but if there isn’t, then the annual dividend of $0.525 (5.25% of par) makes this seem like a good deal!<\/p>\n

I’ll write more when the details of the resolutions are release on SEDAR<\/a>.\n<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Dividend 15 Split Corp. is a fairly unusual split-share corporation, in that they have been able to increase the number of shares outstanding since they were first traded 2004-3-16: DFN.PR.A Shares Outstanding Date Action Shares …<\/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-678","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/678","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=678"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/678\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}