RPB.PR.A Wound Up Early

Connor Clark & Lunn has announced:

that its shareholders have approved a proposal to change the redemption date of the Preferred Shares from March 23, 2012 to December 22, 2009 (the “Proposal”). As a result of the Proposal, Shareholders will have their Preferred Shares redeemed by the Company on December 22, 2009 and will be paid the net asset value redemption price per Preferred Share as of December 18, 2009 plus a redemption premium of $1.00 per Preferred Share.

Trading of the Preferred Shares will be halted at the opening of market on December 22, 2009 and the Preferred Shares will be delisted at the close of business on that day.

The redemption price was $6.55 including the $1 premium to NAV, on shares with a $25.00 par value.

RPB.PR.A was last discussed on PrefBlog at the time of the release of the Information Circular.

The issue was not tracked by HIMIPref™.

2 Responses to “RPB.PR.A Wound Up Early”

  1. […] multi-name Credit Default Swaps as preferred shares and thereby vaporizing a lot of client money. More than once. However, I am confident that the time spent developing and managing these products will be […]

  2. […] Clark & Lunn, best known for the default of their highly structured RPB.PR.A offering (among others) are reinforcing their effort (kicked off with the issue of HBanc Capital Securities […]

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