RE: Help me on the buying of pref Relevant info related to Series 1 Preferred Shares (the prospectus is available at SEDAR):
- Redeemable by shareholders (conditions apply, e.g. 30 days notice) for $25 per share on or after Dec. 31, 2012
- The company may choose to convert pr.a shares to common shares based on criteria which, right now, works out to 12.5 common shares for 1 pr.a share.
Most likely, they wouldn't want to pay $25 per share for pr.a shares; so, they will probably convert the pr.a shares to common shares before Dec. 31, 2012. Right now, buying the pr.a shares at 0.50 is somewhat like buying common shares at 0.04 per share.
Of course, there is so much selling pressure that the pr.a shares could trade much lower than 0.45, the low for today.