Quebecor World holders to convert 256,364 series 5 preferreds into voting shares

By Caroline Salls

Pittsburgh, Dec. 30 - Quebecor World Inc. said it had received notices as of Dec. 29 requesting conversion of 256,364 of its remaining 1.7 million outstanding series 5 cumulative redeemable first preferred shares into the company's subordinated voting shares, according to a company news release.

Under the provisions governing the series 5 preferred shares, the company said registered shareholders are entitled to convert any or all of their preferred shares into subordinate voting shares, effective March 2, 2009, as long as the shareholders give notice of their intention to convert at least 65 days before the conversion date.

According to the release, the series 5 preferred shares are convertible into the number of subordinate voting shares determined by dividing C$25.00 together with all accrued and unpaid dividends on the shares up to Feb. 28 by the greater of C$2.00 and 95% of the weighted average trading price of the preferred shares on the Toronto Stock Exchange during the period of 20 trading days ending on Feb. 26.

The next conversion date is June 1, and notices of conversion for that date must be made by March 27.

Quebecor, a Montreal-based printing and marketing company, filed for Chapter 11 bankruptcy on Jan. 21, 2008 in the U.S. Bankruptcy Court for the Southern District of New York and filed for protection under the Companies' Creditors Arrangement Act in Canada. Its Chapter 11 case number is 08-10152.

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