Business News • MarketWire • Global Credit Pref Corp. Announces Special Meeting |
Global Credit Pref Corp. Announces Special Meeting |
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Global Credit Pref Corp. Announces Special Meeting
TORONTO, ONTARIO--(Marketwire - May 6, 2010) - Global Credit Pref Corp. (the "Company")(TSX:GPA.PR.A) announced that its board of directors has approved a proposal for consideration by shareholders to amend the articles of the Company to permit the Company to redeem all of the issued and outstanding Preferred Shares, except for one Preferred Share as determined by the board of directors of the Company, prior to the scheduled redemption date of September 30, 2015 (the "Proposal"). As a result of the Proposal, shareholders would have their Preferred Shares redeemed by the Company on June 8, 2010 and would be paid a redemption price per Preferred Share which would equal the net asset value per Preferred Share as of June 3, 2010 plus a redemption premium expected to be approximately $1.05 per Preferred Share. The credit linked note portfolio to which the Company has exposure has suffered eight defaults and if more than three
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