PrefBlog

I have been advised that Dundee Corporation is selling a big chunk of the BNS.PR.Z shares it received as part of its proceeds for the sale of Dundee Wealth to Scotia.

The original deal size was 3-million shares at 24.75, but I also understand that the deal has been upsized to 7-million shares.

I have not, as yet, been able to find an authoritative and public source for documents related to this sale – no press release, no nuthin’.

BNS.PR.Z was last discussed on PrefBlog with respect to its mysteriously vanishing regulatory event clause.

Update, 2011-10-27: Dundee press release:

TORONTO, ONTARIO, October 18, 2011 — Dundee Corporation (TSX: DC.A, DC.PR.A, DC.PR.B) announced today that it has sold 7,000,000 Scotiabank Preferred Shares Series 32 at a price of $24.75 per share, for total gross proceeds of $173,250,000, which will be added to working capital. The shares were initially acquired by Dundee Corporation as part of the consideration paid for the sale of its interest in DundeeWealth Inc. to Scotiabank. A syndicate of agents, led by TD Securities, co-led by Scotia Capital Inc. and including Dundee Securities Ltd., BMO Capital Markets, CIBC, RBC Capital Markets, National Bank Financial Inc., GMP Securities L.P. and Desjardins Securities Inc. acted in the sale of these shares. Dundee Corporation will receive the dividend of $0.23 per Preferred Share, Series 32 that was declared on August 30, 2011 and payable on October 27, 2011.

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