BCE scraps conversion of series R preferreds due to lack of interest

By Susanna Moon

Chicago, Nov. 18 - BCE Inc. said that none of its 8 million series R cumulative redeemable first preferred shares will be converted into series Q cumulative redeemable first preferred shares.

The company said that holders of 71,965 series R preferreds tendered their shares for conversion after being notified on Oct. 12 that they could convert their shares into the series Q preferreds on a one-for-one basis.

Converting those shares would result in there being less than 1 million series Q preferreds outstanding, BCE noted. As a result, the company said that none of those shares will be converted.

BCE is a communications company based in Verdun, Quebec.

© 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.