Financial Preferred Securities gets holder approval to call preferreds

By Susanna Moon

Chicago, May 29 - Financial Preferred Securities Corp. obtained approval to redeem all of its outstanding preferred shares at a meeting held on May 28.

The company will redeem all of the issued and outstanding preferred shares by June 18, except for one preferred share held by the administrative agent, according to a press release by Crown Hill Capital Corp., the administrative agent.

The redemption price will be the net asset value per preferred, the release noted.

The company will terminate the forward agreement with TD Global Finance, with proceeds to be used to facilitate the redemption of the preferreds.

Once the termination is complete, the administrative agent said it will issue a press release setting out the redemption date as well as the net asset value per preferred payable on the redemption date.

Financial Preferred Securities is a Toronto-based investment company.

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