RE:RE:RE:Financial Results for 2018Makes perfect sense.
1. The E holders will receive no more cash dividends. These "income oriented" investors will be looking to sell at the first opportunity, either now or after conversion. If they wait until conversion in mid May, they will be dumping along with holders of 40 million other shares.
2. So, some of today's activity is a switch from E into B / D. At current prices, the dividend rate is about the same, maybe even a tad higher.
3. B / D prefs also look much better from a financial perspective. Annual cash dividend payments for Dundee drops in half to less than $7 million. And if the company is ever liquidated, first in line are the B / D shares. No more requirement to share the pie with the Es. Think like a bond investor. Will I receive the return of my capital.
4. There should be a blood bath in the common shares during the last two weeks of May. Anyone interested in picking up shares of a reclamation project would be wise to be on the hunt for some cheap shares. Also depends on whether or not Dundee institutes a substantial bid as that would provide a temporary floor.