TORONTO, May 28, 2012 /CNW/ - Crown Hill Capital Corporation (the "Administrative Agent") the Administrative Agent of Financial Preferred Securities Corporation (the "Company") announces that preferred shareholders of the Company approved a special resolution (the "Special Resolution") at the meeting of preferred shareholders held on May 28, 2012 which, among other things, authorizes the Administrative Agent to redeem all outstanding preferred shares.
The Company will be redeeming all of the issued and outstanding preferred shares (the "Preferred Shares"), except for one Preferred Share to be held by the Administrative Agent, on or before June 18, 2012, at the net asset value per Preferred Share.
The Company has instructed the rebalancing advisor, Shaunessy Investment Counsel Inc., to initiate the termination of the forward agreement (the "Termination") with TD Global Finance. The proceeds from the Termination will be used to facilitate the redemption of the Preferred Shares. Once the Termination is complete, the Administrative Agent will issue a press release setting out the redemption date as well as the net asset value per Preferred Share payable on the redemption date.
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.