Big 8 Split Inc. has announced:
it has called 10,584 Preferred Shares for cash redemption on December 14, 2007 representing approximately 0.4% of the outstanding Preferred Shares as a result of holders of 10,584 Capital Shares exercising their special annual retraction rights. The Preferred Shares shall be redeemed on a pro rata basis, so that holders of record of Preferred Shares on the close of business on December 13, 2007 will have approximately 0.5% of their Preferred Shares redeemed. The redemption price for the Preferred Shares will be $25.00 per share. Holders of Preferred Shares that have been called for redemption will be entitled to receive dividends thereon which have been declared but remain unpaid up to and including December 14, 2007.
In addition, holders of a further 91,096 Preferred and Capital Shares have deposited such shares concurrently for retraction on December 14, 2007. As a result, a total of 101,680 Preferred and Capital Shares, or approximately 4.3% of both classes of shares currently outstanding will be redeemed.
Payment of the amount due to retracting shareholders will be made by the Company on December 14, 2007. From and after December 15, 2007 the holders of Preferred Shares that have been called for redemption will not be entitled to dividends or to exercise any right in respect of such shares except to receive the amount due on redemption.
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[…] the capital unit NAV has gone from $47.98 to $16.80. Ouch! About 4.3% of outstanding units were retracted in 2007 … they were the lucky […]