The Toronto Stock Exchange reports that Class AA preferred shares, Series 14, of Partners Value Split Corp. will be listed at 5:01 p.m. on Sept. 26, 2024, for trading at the open on Sept. 27, 2024. The Series 14 shares will trade under the symbol PVS.PR.L, in Canadian dollars and with Cusip No. 70214J 83 0.

As stated in its prospectus supplement dated Sept. 23, 2024, Partners Value is issuing six million Series 14 shares at $25 per share in a public offering that is expected to close before the open on Sept. 27, 2024. The transfer agent and registrar is TSX Trust Company at its principal office in Montreal, and the designated market-maker is W.D. Latimer Co. Ltd.

According to the TSX, Partners Value expects to pay quarterly dividends on the Series 14 shares on or about March 7, June 7, Sept. 7 and Dec. 7 in each year, at $1.375 per Series 14 share per year. The initial dividend of 24.486 cents per Series 14 share will be paid on or about Dec. 7, 2024, covering the period from the closing of the offering to Nov. 30, 2024.

The TSX reports that the Series 14 shares may be redeemed by Partners Value at any time on or after June 30, 2028, and before June 30, 2030 (the Series 14 redemption date), at a price, which, before June 30, 2029, will equal $25.50 per share, plus accrued and unpaid dividends, and which will decline by 50 cents on June 30, 2029. All Series 14 shares outstanding on the Series 14 redemption date will be redeemed for a cash amount equal to the lesser of $25, plus any accrued and unpaid dividends, and the net asset value per unit.

Notwithstanding the first sentence of the previous paragraph, Partners Value may redeem Series 14 shares prior to June 30, 2028, for $26 per share, plus accrued and unpaid dividends, if, and will not redeem Series 14 shares prior to June 30, 2028, unless: (i) capital shares have been retracted; or (ii) there is a takeover bid for the BN shares and the board of directors of the company determines that such bid is in the best interest of the holders of the capital shares.