Premium Income Corporation Announces Class A Consolidation Ratio

Barchart · 10/25 16:02

TORONTO, Oct. 25, 2024 (GLOBE NEWSWIRE) -- (TSX: PIC.A; PIC.PR.A) Premium Income Corporation (the “Fund”) is pleased to announce that in connection with the special retraction right granted to shareholders arising as a result of the extension of the term of the Fund to November 1, 2031, the Fund is announcing a consolidation of its Class A shares effective the opening of trading on or about November 12, 2024. As more Preferred shares than Class A shares were retracted on the special retraction, the consolidation will ensure that an approximately equal number of Class A shares and Preferred shares will be outstanding immediately following the consolidation. Under the consolidation, each Class A share will be consolidated into approximately 0.67 of a Class A share. The total value of a shareholder’s investment in Class A shares will not change, however, the number of Class A shares reflected in the shareholder’s account will decline and the net asset value per Class A share will increase proportionately. The consolidation is subject to regulatory approval. No fractional shares will be issued and shareholders are not required to take any action for the consolidation to be effective.

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