S Split to redeem some preferred shares on Nov. 30

By Wendy Van Sickle

Columbus, Ohio, Nov. 19 – S Split Corp. said it will redeem some of its preferred shares to maintain an equal number of preferred and class A shares.

The redemption is being connection with the automatic seven-year extension of the term of the fund to Nov. 30.

Under the special retraction right granted to shareholders in connection with the extension of fund, 168,373 preferred shares and 312,764 class A shares were surrendered for retraction. In order to maintain an equal number of preferred shares and class A shares, the fund will redeem 144,391 preferred shares on a pro rata basis from all holders of record on Nov. 30, representing about 22.11% of the 652,929 issued and outstanding preferreds.

The preferreds will be redeemed at the issue price of $10 apiece plus unpaid dividends. Th repayment price will be paid by Dec. 15.

The issuer is a Toronto-based fund.

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