Series III Preference Shares definition

Series III Preference Shares has the meaning set forth in Recital A.

Series III Preference Shares. ’ means the non-voting preference shares Series III in the capital of the Corporation;

Series III Preference Shares means the non-voting preference shares series III of the Corporation, none of which are outstanding as of the date hereof;

Examples of Series III Preference Shares in a sentence

• As of the date of this Agreement, 34,972,479 Shares, 3,775,990 Series II Preference Shares and 9,271,175 Series III Preference Shares are issued and outstanding as duly authorized, validly issued, fully paid and non-assessable shares, and such shares are the only shares of the Corporation that are issued and outstanding.

• The offer will enable holders of Series III Preference Shares to increase their dividend yield immediately and extend the term of their investment at the 8% dividend rate for a further four years.

• The offer is conditional upon acceptance thereof by holders of at least 50% of the outstanding Series III Preference Shares.

• After giving effect to the retractions set out above, there will continue to be outstanding 3,775,990 Series II Preference Shares (exchangeable for 1,736,955 shares of Class A common stock of Hollinger International) and 9,484,925 Series III Preference Shares.

• As stated above, the Series III Preference Shares are listed on the Toronto Stock Exchange (HLG.PR.C) and provide for mandatory redemption by Hollinger at $10.00 per share (plus dividends) on April 30, 2004.

• One of the conditions of the offer required that no less than 5,000,000 Series III Preference Shares be tendered.

• However, when shares are submitted for retraction after the April 29th press release or on their redemption date (April 30, 2004 in the case of the Series III Preference Shares), Hollinger will review its then liquidity position to determine whether further retractions or the redemptions can be completed.

• Since April 10, 2003, Hollinger has received retraction notices in respect of approximately 610,000 Series III Preference Shares.

• If when Series III Preference Shares or Series IV Preference Shares are submitted for retraction or when Hollinger is obliged to redeem them (on April 30, 2004 in the case of Series III Preference Shares and April 30, 2008 in the case of Series IV Preference Shares), there are reasonable grounds for believing that, after making payment in respect thereof, Hollinger’s liquidity would be unduly impaired, the retractions and redemptions will not be completed.

• Dividends on the Series III Preference Shares are payable quarterly on February 6, May 6, August 6 and November 6.

More Definitions of Series III Preference Shares

Series III Preference Shares means Retractable Non-Voting Preference Shares Series III in the capital of Hollinger;