Canadian General Investments Ld CGI Redeems Class A Pref Shares, Series 4 (4734C)
13 Juin 2023 - 8:00AM
UK Regulatory
TIDMCGI
RNS Number : 4734C
Canadian General Investments Ld
12 June 2023
FOR: CANADIAN GENERAL INVESTMENTS, LIMITED
TSX SYMBOLS: CGI
LONDON STOCK EXCHANGE: CGI
June 12, 2023
Canadian General Investments, Limited Redeems $75 Million Class
A Preference Shares, Series 4 Funded by Margin Borrowing
TORONTO, CANADA - Canadian General Investments, Limited (CGI or
the Company) today completed the previously announced redemption of
its $75,000,000 3.75% Cumulative Redeemable Class A Preference
Shares, Series 4. This redemption was in accordance with the terms
of the Series 4 shares.
The aggregate amount of $75,685,800 (including accrued and
unpaid dividends from March 15, 2023 to, but excluding, June 12,
2023) was funded primarily through margin borrowing pursuant to a
prime brokerage services agreement the Company had entered into
with a Canadian chartered bank in 2021.
CGI has engaged in a leverage strategy since its first issuance
of Class A preference shares in 1998 with the intent to enhance
returns to common shareholders. As at June 12, 2023, the total
leverage of $175 million in margin borrowing was 15.7% of CGI's net
assets.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian General Investments, Limited
Jonathan A. Morgan
President and CEO
Phone: (416) 366-2931
Fax: (416) 366-2729
e-mail: cgifund@mmainvestments.com
website: www.canadiangeneralinvestments.ca
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