These are actually preference shares and as so dont have a call date, they are perpetual. I bought them at $84 with an expectation that they would redeem them after selling the south american business to Sumitomo as they stated they would use the funds to reduce debt. Then along came covid and like every other company they seem to have seen the need to retain cash, it is unlikely in my view there will be a takeover as Sumitumo is a major shareholder and would presumably block one unless there was a significant premium, Sumitumo could of course acquire the whole company and then the shares would be redeemed at face value but I,m not holding my breath, still they are returning 4.7% on my original cost so I,ll continue to hold rather than take a capital loss at this stage. Just my take on these notes
NUF Price at posting:
$4.26 Sentiment: Hold Disclosure: Held
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