LAST BUT NOT LEAST — Noranda converts preferred shares

Toronto-listed Noranda has converted 16.3 million Series C preferred shares (92% of the total series) into common shares. Each convertible preferred share is equivalent to 1.15 common shares.

As a result, Noranda’s total outstanding common shares increased by 18.7 million shares. The Series C preferreds still outstanding are redeemable at par at the option of the company, subject to quarterly purchase obligations. Beyond that obligation, Noranda says it has no plans to buy or redeem the remaining preferred shares..N16