Preferred stock often has a callable feature that allows the issuing corporation to forcibly cancel the outstanding shares for cash. This precludes the investor from participating in any future price appreciation. It also doesn't specify the maturity date which injects uncertainty over the recovery of invested principal. There is limited appreciation potential, no voting rights and it is sensitive to interest rates.
Callable preferred stock is a type of preferred stock that the issuer has the right to call in or redeem at a pre-set price after a defined date. Callable preferred stock terms, such as the call price, the date after which it can be called, and the call premium (if any), are all defined in the prospectus and cannot be changed later.
What do the JPS prospectus say is the callable price? That will determine if it's a smart move by BOD, that and the interest rate paid.
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