Coastal Value Fund Inc.: Redemption of Senior Preferred Shares.HAMILTON, Bermuda -- COASTAL VALUE FUND (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CVF (Compressed Volume File) See DOS DoubleSpace. .PR.A) announced today that it will redeem 1.1 million Senior Preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. representing approximately 27% of the outstanding shares for cash on April 21, 2006. The redemption will be made in accordance with the Fund's articles and results from a retraction In the law of Defamation, a formal recanting of the libelous or slanderous material. Retraction is not a defense to defamation, but under certain circumstances, it is admissible in Mitigation of Damages. Cross-references Libel and Slander. of 1.1 million Capital shares. The Senior Preferred shares will be redeemed on a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. basis, so that each holder of record on April 20, 2006 will have approximately 27% of their Senior Preferred shares redeemed for $25.40 per share, plus accrued and unpaid dividends Unpaid dividend A dividend declared by the directors of a corporation that has not yet been paid. unpaid dividend 1. A declared dividend that has not yet been paid. 2. See passed dividend. . After April 21, 2006 the holders of Senior Preferred shares that have been called for redemption will not be entitled to receive dividends or to exercise any right in respect of such shares. This press release includes certain forward looking statements including management's assessment of the Fund's future plans and operations based on current views and expectations. All statements other than statements of historic facts are forward looking statements. These statements contain substantial known and unknown risks and uncertainties, some of which are beyond the Fund's control. The Fund's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements. Readers should not place undue reliance on these forward looking statements which represent estimates and assumptions only as of the date on which such statements are made. The Fund undertakes no obligation to publicly revise or update any forward looking statements, whether as a result of new information, future events or otherwise. Coastal Value Fund Inc. (TSX:CVF.PR.A) |
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