NewGrowth to redeem 4.362% of preferreds, capital shares on June 26

By Tali Rackner

Minneapolis, June 13 – NewGrowth Corp. issued a call to redeem 64,625 of its class B series 3 preferred shares, or about 3.636% of the outstanding preferreds, as a result of the special annual retraction of 64,625 capital shares by their holders, according to a press release.

The preferreds will be redeemed on June 26 on a pro rata basis, so that each holder of preferreds as of June 22 will have about 3.636% of their preferreds redeemed.

The redemption price for the preferreds will be C$32.07 per share.

NewGrowth also said that holders of an additional 13,500 capital shares and 13,500 preferred shares deposited their shares for retraction on June 26. A total of 78,125 capital shares and 78,125 preferred shares, or about 4.362% of both classes of shares currently outstanding, will be redeemed.

Holders of preferreds that have been called for redemption will receive dividends up to June 26.

Toronto-based NewGrowth is a mutual fund company whose investment portfolio consists primarily of publicly listed securities of Canadian chartered banks, telecommunication, pipeline and utility issuers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.