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Cohen & Steers Tax-Adv Pref Secs and Inc Fund V.PTA


Primary Symbol: PTA

The Funds primary investment objective is high current income. The Funds secondary investment objective is capital appreciation The Fund seeks to achieve its investment objectives by investing at least 80% of its managed assets (i.e., net assets plus assets obtained through leverage) in a portfolio of preferred and other income securities issued by U.S. and non-U.S. companies, which may be either exchange-traded or available over-the-counter. In pursuing its investment objectives, the Fund seeks to achieve favorable after-tax returns for its shareholders by seeking to minimize the U.S. federal income tax consequences on income generated by the Fund. There can be no assurance that the Fund will achieve its investment objectives.


NYSE:PTA - Post by User

Post by dallytaylor24on Nov 24, 2014 4:05pm
272 Views
Post# 23159533

Will shares be consolidated? Pretty ambiguous if you ask me.

Will shares be consolidated? Pretty ambiguous if you ask me.
Straight from PTA's managment info circ. Looks like even if the special resolution is passed, the shares might not be consolidated. Will depend on the Board to determine it is in the best interests of the corporation. 

Thoughts?



C. Approval of Share Consolidation

Basis of Consolidation
 
The Board is of the opinion that, in the future, it may be in the best interests of the Corporation to
consolidate the Common Shares, and such a consolidation may enhance their marketability as an investment and could facilitate additional financings to fund operations in the future as the Corporation is subject to the TSXV’s minimum pricing rules for financings. Accordingly, at the Meeting, Shareholders will be asked to consider and approve, with or without variation, by way of special resolution authorizing an amendment to the articles of the Corporation pursuant to subsection 173(1)(f) of the Business Corporations Act (Alberta) (“ABCA”), to consolidate the issued and outstanding Common Shares on the basis of 1 new Common Share for 10 existing Common Shares or such lesser ratio that the directors, in their sole discretion, determine to be appropriate (the “Share Consolidation”).

Although approval for the Share Consolidation is being sought at the Meeting, such a Share Consolidation would become effective at a date in the future to be determined by the Board when the Board considers it to be in the best interests of the Corporation to implement such a Share Consolidation, for example in order to facilitate a financing. The special resolution will also authorize the Board to elect not to proceed with, and abandon, the Share Consolidation at any time if it determines, in its sole discretion to do so. The Share Consolidation is subject to shareholder approval and to TSXV approval. 
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