RE:RE:RE:RE:RE:RE:Preferred share exchange I know how to read just fine. It says:
"The Series C Shares shall not be redeemable prior to June 30, 2017. On June 30, 2017, and on June 30 in every fifth year thereafter, the Corporation may, at its option, upon not less than 30 days and not more than 60 days prior written notice, redeem for cash all or any part of the outstanding Series C Shares by the payment of $25.00 per Series C Share plus all accrued and unpaid dividends (less any tax required to be deducted and withheld by the Corporation)."
This is a rotten deal as explained here (https://prefblog.com/?p=34082).
This is not about searching for yield only. Preferred shares are also hedges against future interest rate hikes. Do you understand how rate resets work in regards to the GOC 5 yr bonds? There is a large upside being stolen from the holders of these shares
Modification is as per:
The series provisions attaching to the Series C Shares may be amended with the written approval of all the holders of the Series C Shares outstanding or by at least two-thirds of the votes cast at a meeting of the holders of such shares duly called for that purpose and at which a quorum is present