NYSE:TOO.P.E - Post by User
Post by
riegonlaon May 30, 2019 10:40am
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Post# 29784995
Payment of dividend of prefered in case TOO merges
Payment of dividend of prefered in case TOO merges
What would happen if TOO merges and suspends the TOO.PE dividends?
From the TOO.PE prospectus
Voting Rights
The Series E Preferred Units will have no voting rights except as set forth below or as otherwise provided by Marshall Islands law. In the event that six quarterly distributions, whether consecutive or not, payable on the Series E Preferred Units are in arrears, the holders of the Series E Preferred Units will have the right, voting as a class, together with holders of any other Parity Securities upon which like voting rights have been conferred and are exercisable ( including holders of the Series A Preferred Units and Series B Preferred Units), to elect one member of our general partner’s board of directors, and the size of our general partner’s board of directors will be increased as needed to accommodate such change (unless the holders of Series A Preferred Units, Series B Preferred Units, Series E Preferred Units and Parity Securities upon which like voting rights have been conferred, voting as a class, have previously elected a member of our general partner’s board of directors, and such director continues then to serve on the board of directors)
I have the following questions:
1) When merged, TOO does not exist. How this right will be satisfied?
2) Can the dividens be suspended indefinitely?