RE:RE:RE:RE:RE:NCIB Update in the quarterly reportThanks for that. I didn't know about the conversion price being reduced by the dividends payed. I looked up the SEDAR filing and the relevant section from page 18 is pasted below.
"Subject to the provisions of the Indenture, the Indenture provides for the adjustment of the Conversion Price in certain events including without limitation: (i) the subdivision or consolidation of the outstanding Shares; (ii) the distribution of Shares to holders of all or substantially all of the outstanding Shares by way of dividend or otherwise; (iii) the issuance of options, rights or warrants to all or substantially all holders of Shares entitling them to acquire Shares or other securities convertible into Shares at less than 95% of the then Current Market Price (as defined below) of the Shares; (iv) the distribution to all holders of Shares of any securities (other than Shares), evidences of indebtedness or assets (other than cash distributions and equivalent distributions in securities paid in lieu of cash distributions in the ordinary course) and (v) cash dividends being declared on the Shares which, in any given quarter, exceeds $0.10 (or the equivalent thereof if the Corporation changes the frequency of the payment of its dividend). There will be no adjustment of the Conversion Price in respect of any event described in (i) to (v) above if the holders of the Debentures are allowed to participate as though they had converted their Debentures into Shares prior to the applicable record date or effective date, as the case may be. The Corporation will not be required to make adjustments in the Conversion Price unless the cumulative effect of such adjustments would change the Conversion Price by at least 1%. However, the Corporation will carry forward any adjustments that are less than 1% of the Conversion Price and take them into account when determining subsequent adjustments."