RPC.DB.A
Revenue Properties 7% convertible debenture
With the $1.50 special dividend payout yesterday to common share holders, much of the play is over. My hunch is that there could the final play left, i.e. take over of RPC by ACK. Why else would the company declare such a hefty special dividend?
Safe way to participate in a potential takeover is the convertible debenture. The conversion rate for the 2006 debenture has been adjusted (in conjunction with the special dividend) to $1.74. That is, $1,000 face value of the debenture is convertible to 574.71 common shares. Meanwhile, the convertible pays 7.6% interest at today's $92 debenture price. Not a shoddy return given the mess bigfoot has left trampling on the market.
