13th Jun 2023 13:07
Canadian General Investments Ltd - closed-end equity fund focussed on medium to long-term capital appreciation and dividends in Canadian corporations - Completes redemption of its USD75.0 million 3.75% cumulative class A preference shares, series 4. Says the aggregate amount - USD75.7 million, including accrued and unpaid dividends from March 15 to but excluding Monday - was funded primarily through margin borrowing pursuant to a prime brokerage services agreement. Company had entered into that agreement with a Canadian chartered bank in 2021. Notes it has engaged in a leverage strategy since its first issuance of class A preference shares in 1998 with the intent to enhance returns to shareholders. As of Monday, Canadian General's total leverage of USD175 million in margin borrowing was 16% of its net assets.
Current stock price: 2,107.00, up 0.1% on Tuesday
12-month change: down 5.3%
By Greg Rosenvinge, Alliance News reporter
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