NewGrowth to redeem 37.55% of preferreds, capital shares on June 24

By Toni Weeks

San Diego, June 13 - NewGrowth Corp. said that it has issued a call to redeem 803,467 preferred shares, or about 22.62% of the outstanding preferreds, as a result of the special annual retraction of 803,467 capital shares by their holders, according to a press release.

The company said it will redeem the preferreds on June 24 on a pro rata basis, so that each holder of preferreds as of June 23 will have about 22.62% of their preferreds redeemed.

The redemption price for the preferreds will be $13.70 per share.

NewGrowth also said that holders of an additional 849,325 capital shares and 849,325 preferreds have deposited their shares for retraction on June 24. A total of 1,652,792 capital shares and 1,652,792 preferreds, or about 37.5521% of both classes of shares currently outstanding, will be redeemed.

Holders of preferreds that have been called for redemption will receive dividends up to June 24.

Toronto-based NewGrowth is a mutual fund company whose investment portfolio consists primarily of publicly listed securities of Canadian chartered banks, telecommunication, pipeline and utility issuers.

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