RE:RE:FFN Extension Ah I see, thank you for the clarification. It was incorrect of me to assume a consolidation would have had to been mentioned at the same time they announced the extension.
So if I understand this correctly, suppose the preferred shares were trading at say 10% below par ($10.00) at the time of redemption, which would be $9.09, the difference in would be taken out of the NAV? And if the NAV was $15.00 at the time, with $5 covering the class A shares, now there would be only $4.09 going towards them and that would resulted in a share consolidation ratio of about 1.2 to 1?
Somehow I get the feeling I'm wrong about something there... In any case, as you noted the preffered's are safely trading above par with a fair bit of margin.