RE:Q2 Page 31 Bircliff Q2again I explained this.
the preferred NEVER COMES DUE.
the $50m never will be paid back
it is PERPETUAL.
as such it is not classified as debt.
you may wish to define it that way.
but you will be the ONLY ONE to do so.
birchcliff does not.
you seem like a reasonable guy
but sometimes you have issues with Intellectual Honesty
I don't believe your goal is to come to the correct conclusion
it is often to paint a DISTORTED picture of the facts
are you an analyst
or a salesman of a "story"?
MyHoneyPot wrote: Birch Second Quater Results (2018) Dividends Paid on common shares 6,646
Dividends Paid on perferred shares 1,922
Dividends Paid in Q2, 2018 8,568 anualized = 34,272
There are 2 million perferred C series that are covertable and have a issue value of 25 dollars. The company can buy them back for 25.75 or they can be converted into common shares.
C Series - Expensive Debt or Shareholder dilution, what ever you want to call it.
A&B Perpetual Debt, and can be bought back by the company.
2 million shares in this class 25 dollars.
Series A fixed rate will be reset on this date and every five years hereafter to the five year Government of Canada bond yield plus 6.83%
Looks like debt, smells like debt, because it is really debt, and if the company wants to get rid of them or someone want to buy BIR they have to deal with this 100 million dollars in Peffered shares, The company got a 100 million for perferred shares, people do give away free money. I consider it debt and it is actually a little more than 100 million.
IMHO