RE:RE:RE:RE:RE:RE:RE:RE:AIM.PR.CCan you name 3 other companies that have done a SIB right after cancelling preferred dividends without litigation in the last 50 years?
Cancelling the dividend, crashing the preferred stock price then company buying it back cheaper is the very definition of securities manipulation. The preferred shareholder argument goes like this "the withholding of dividends provided the funds to purchase preferred stock at dramatically reduced market prices"
If AIM was US based the C Suite would likely see a prison sentence for that stunt.
The "we mismanaged the business so can't afford to pay your $2 dividend but found $10 to buy the pref stock" seems like a pretty weak defence (hence why it hasn't been done in US for a very long time) especially when pref holders rank senior in liquidation and have no vote initially.