It has been a tough time for investors in the preferred stock of Canadian energy reseller Just Energy (JE) and mall owner CBL Properties (CBL).
While the preferred shares have been under pressure for some time it was only yesterday that both company’s announced suspension of their preferred stock dividends.
Just Energy has just 1 preferred issue outstanding which can be seen here. The issue had been trading around $16-$17/share last week and plunged yesterday to $9.80/share on the suspension announcement.
For what it is worth these shares are cumulative–thus dividends will continue to accrue. Of course whether they are ever paid probably is kind of a long shot, but speculators can determine that for themselves.
The Just Energy announcement can be read here.
Of course CBL Properties preferred stock had already seen tough times and the announcement was expected by many. CBL has 2 outstanding preferreds which can be seen here.
UPDATE
These shares which were already depressed trading around $10–per Ptrader they are trading much lower this morning.
The CBL issues are cumulative so dividends continue to accrue–again, whether they will ever be paid may be dicey.
The CBL announcement can be read here.
While very conservative investors such as myself are unlikely to have any interest in these preferred shares an opportunity may present itself for more adventuresome folks–only time will tell.