First Preference Shares definition
Examples of First Preference Shares in a sentence
The authorized share capital of Four Seasons consists of 3,725,698 Variable Multiple Voting Shares, an unlimited number of Limited Voting Shares, an unlimited number of First Preference Shares, issuable in series and an unlimited number of Second Preference Shares, issuable in series.
The Rights Agent or any successor Rights Agent may resign and be discharged from its duties under this Agreement upon 30 days' notice in writing mailed to the Company, the registrar of the Company and to each transfer agent of the Common Shares and Series A First Preference Shares by registered or certified mail, and, subsequent to the Distribution Date, to the holders of the Right Certificates by first-class mail.
Not later than the effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor Rights Agent, with the registrar of the Company and each transfer agent of the Common Shares and the Series A First Preference Shares, and, subsequent to the Distribution Date, mail a notice thereof in writing to the registered holders of the Right Certificates.
In lieu of any such fractional Series A First Preference Shares, the Company shall pay to the registered holders of Right Certificates at the time such Rights are exercised as herein provided an amount in cash equal to the same fraction of the current market price of a Series A First Preference Share, as applicable.
The Series A First Preference Shares shall not be convertible into all or any other shares or securities of the Company.
The Company may remove the Rights Agent or any successor Rights Agent upon 30 days' notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, to the registrar of the Company and to each transfer agent of the Common Shares and Series A First Preference Shares by registered or certified mail, and, subsequent to the Distribution Date, to the holders of the Right Certificates by first-class mail.
No fractions of a Series A First Preference Shares will be issued upon the exercise of any Right or Rights evidenced hereby, but in lieu thereof a cash payment will be made, as provided in the Rights Agreement.
Series A First Preference Shares may be issued in fractions of a share which shall entitle the holder, in proportion to such holders fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights of holders of Series A First Preference Shares.
After the holders of the Preferred Shares shall have exercised their right to elect Directors in any default period and during the continuance of such period, the number of Directors shall not be increased or decreased except by vote of the holders of Preferred Shares as herein provided or pursuant to the rights of any equity securities ranking senior to or pari passu with the Series A First Preference Shares.
The shares of Series A First Preference Shares shall not be redeemable.