PRVT » Topics » Section 4.2 Dividends

This excerpt taken from the PRVT 8-K filed Nov 3, 2009.

Section 4.2 Dividends

So long as any of the Exchangeable Shares are outstanding and any dividends required to have been declared and paid on the outstanding Exchangeable Shares pursuant to Section 3.1 have not been declared and paid in full, Corporation shall not without, but may at any time with, the approval of the holders of the Exchangeable Shares given as specified in Section 9.2 of these share provisions:

 

  (a) pay any dividends on the Common Shares, or any other shares ranking junior to the Exchangeable Shares, other than share dividends payable in any such other shares ranking junior to the Exchangeable Shares;

 

  (b) redeem or purchase or make any capital distribution in respect of Common Shares or any other shares ranking junior to the Exchangeable Shares with respect to the payment of dividends or on any liquidation distribution;

 

  (c) redeem or purchase any other shares of Corporation ranking equally with the Exchangeable Shares with respect to the payment of dividends or on any liquidation distribution; or

 

  (d) issue any Exchangeable Shares or other securities ranking equally with or superior to the Exchangeable Shares.
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