Examples of Series 8 Preferred Shares in a sentence
During 2001, the company issued 10,000,000 Series 10 5.75% Preferred Shares for cash proceeds of $250 million by way of a public offering, and 6,950,208 Series 9 5.63% Preferred Shares with an aggregate par value of $174 million were issued on conversion from Series 8 Preferred Shares.
Every fifth anniversary thereafter, the Series 8 Preferred Shares have the right to convert to the Series 9 Preferred Shares on a share-for-share basis and vice versa.
In the event that the Lead Investor no longer holds any Series 8 Preferred Shares and is therefore not entitled to elect Directors to the Board pursuant to the terms thereof, this Section 4.1 shall survive and remain in full force and effect and the Lead Investor shall have the right to designate Directors in accordance with the terms hereof.
Should CWB choose not to exercise its right to redeem the Series 7 Preferred Shares, holders of these shares will have the right to convert their shares into an equal number of non-cumulative, floating rate First Preferred Shares Series 8 (Series 8 Preferred Shares), subject to certain conditions, on July 31, 2021, and on July 31 every five years thereafter.
As of the Agreement Date, 1,005,121,738 Husky Common Shares, 10,435,932 Husky Series 1 Preferred Shares, 1,564,068 Husky Series 2 Preferred Shares, 10,000,000 Husky Series 3 Preferred Shares, nil Husky Series 4 Preferred Shares, 8,000,000 Husky Series 5 Preferred Shares, nil Husky Series 6 Preferred Shares, 6,000,000 Husky Series 7 Preferred Shares and nil Husky Series 8 Preferred Shares are issued and outstanding.
The New MDC Series 8 Preferred Shares will be convertible at New MDC’s option (i) until March 7, 2022, if the closing trading price of the Class A Shares over a specified period prior to conversion is at least 125% of the then-applicable Conversion Price or (ii) following March 7, 2022, if the closing trading price of the Class A Shares over a specified period prior to conversion is at least equal to the then-applicable Conversion Price.
Accretion Rate Adjustment The New MDC Series 8 Preferred Shares will have a liquidation preference that accretes at 8.0% per annum, compounded quarterly through March 6, 2022, following which the accretion rate will decrease to 6.00% from and after March 7, 2022 through March 14, 2024, and following which the accretion rate will decrease to 0% per annum.
For the avoidance of doubt, the Series 4 Preferred Shares of the Corporation, the Series 5 Preferred Shares of the Corporation, the Alternative Shares and, upon and subject to their issuance as contemplated by the Letter Agreement, the Series 8 Preferred Shares and Series 9 Preferred Shares of the Corporation are Parity Securities.
The parties hereto acknowledge and agree that the Lead Investor is entitled to designate and appoint certain Directors to the Board pursuant to the terms of the Series 8 Preferred Shares and that this provision is intended to be in furtherance of such rights.
Certificate of Designation The terms of the New MDC Series 8 Preferred Shares shall be set forth in the Certificate of Designation and will generally mirror the terms of the series 4 convertible preference shares of the Company (the “Series 4 Shares”), as described in the Company’s Form 8-K filed on February 15, 2017 (the “Series 4 8-K”), except as set forth below.