{"id":679,"date":"2007-03-13T22:02:11","date_gmt":"2007-03-14T02:02:11","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=679"},"modified":"2007-03-13T22:02:11","modified_gmt":"2007-03-14T02:02:11","slug":"ftnpra-meeting-to-extend-term","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=679","title":{"rendered":"FTN.PR.A : Meeting to extend term?"},"content":{"rendered":"<p><a href=\"http:\/\/www.financial15.com\">Financial 15 Split Corp.<\/a> is in the happy position of having increased its preferred shares outstanding since issue:<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td colspan=\"3\">Financial 15 Preferreds Outstanding<\/td>\n<\/tr>\n<tr>\n<td>Period<\/td>\n<td>Action<\/td>\n<td>Shares<\/td>\n<\/tr>\n<tr>\n<td>2003-11-14<\/td>\n<td>Issue<\/td>\n<td>10,600,000<\/td>\n<\/tr>\n<tr>\n<td>FY 2004<\/td>\n<td>Issue<\/td>\n<td>300,000<\/td>\n<\/tr>\n<tr>\n<td>FY 2006<\/td>\n<td>Redemption<\/td>\n<td>(190,762)<\/td>\n<\/tr>\n<tr>\n<td><strong>Current Outstanding<\/strong><\/td>\n<td>\u00a0<\/td>\n<td><strong>10,709,238<\/strong><\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>The shares are not redeemable by the company (the &#8220;Redemption&#8221; in the table above is actually Shareholder Retraction, but I&#8217;m following the language of the <a href=\"http:\/\/www.financial15.com\/pdf\/FTN\/FTN%20AnnNov30.06.pdf\">Annual Report<\/a>): capital unitholders who wish to retract must tender a pref, or get the company to buy one in the market on their behalf.<\/p>\n<p>The company <a href=\"http:\/\/www.financial15.com\/pdf\/FTN\/FTN%20&#038;%20FFN%20Feb28.07.pdf\">has announced<\/a> that:<\/p>\n<blockquote><p>they 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 of each Corp. to December 1, 2014.<\/p><\/blockquote>\n<p>This will be a good deal if the 5.25% dividend isn&#8217;t decreased simultaneously! I&#8217;ll write more as details become available.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial 15 Split Corp. is in the happy position of having increased its preferred shares outstanding since issue: Financial 15 Preferreds Outstanding Period Action Shares 2003-11-14 Issue 10,600,000 FY 2004 Issue 300,000 FY 2006 Redemption &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-679","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/679","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=679"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/679\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=679"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=679"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=679"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}