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... the $26 offer on ECN.PR.C! Note to CarlM20 and scarface9: Cheers to fellow ECN.PR.C holders! So ... the new guys are offering us $26 to agree to "redeem" our prefs early ... cuz they don't want to wait until the 30 June 2027 reset/redemption date and have to file regulatory documents until then ... AND ... they really don't want to pay the additional (almost) 50 cents per share per quarter until then. So it makes sense for them ... offer us a buck extra (yaaay!) for an early redemption ... giving us a guaranteed liquidity event ... while saving them (costing us) $2.50 of dividends over the "surrendered" five quarters (assuming they would settle by the end of the first quarter of 2026). So I plan to vote NO! on their offer ... having loaded up all our family accounts (RESPs, Margins, TFSAs) with ECN.PR.C in past years (with an across-account ACB ca. $20) ... and I did the math ... our family accounts contain 0.6% of the still outstanding prefs. Given the 625 b.p. spread of this pref issue ... the new buyers will be just as keen to redeem on 30 June 2027 as they are now ... well ... okay ... not quite as keen ... lol! ... but still keen enough to guarantee us a $25 redemption on that date. Think carefully and vote NO ... and ... given that only 33.5% of holders need to vote against ... we can do this! P.S. And be aware that by voting NO on the pref early redemption, you will not jeopardize the privatization process ... cuz the Common share vote and the Preferred share vote are two separate events ... and their documentation states clearly that if the Common holders vote yes while the Preferred holders vote no ... the transaction will proceed ... the Common shares will be delisted from the TSX ... but the Preferred shares will continue to trade and be listed on the TSX.
