TORONTO, June 7, 2012 /CNW/ - Crown Hill Capital Corporation, (the "Administrative Agent") of Financial Preferred Securities Corporation (the "Company") announces that as part of the special resolution approved by shareholders of the Company on May 28, 2012, the Company will redeem all of the issued and outstanding preferred shares (the "Preferred Shares"), except for one Preferred Share, on June 13, 2012 (the "Redemption Date"). The Preferred Shares will be redeemed for an amount in cash equal to 100% of the net asset value per Preferred Share (the "NAV Redemption Price") determined at the open of business on the Redemption Date. The NAV Redemption Price will be paid on June 14, 2012 (the "Payment Date") to shareholders.
The NAV Redemption Price will be announced in a subsequent press release on the Redemption Date. The Preferred Shares will be halted at the opening on the Redemption Date and delisted at the close on that day.
In addition, the regular quarterly distribution of $0.3125 per Preferred Share for the period from March 1, 2012 to May 31, 2012 will be paid on June 15, 2012, to holders of record on May 31, 2012. This quarterly distribution will be paid separately from the NAV Redemption Price.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this press release and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information.
For further information:
please contact the Investor Relations department at 416.361.9673 or toll-free at 1.877.261.9674.