Per chi cerca perpetual cumulative
Ciao,
ho letto velocemente il prospetto Solvay postato da topgun , il prospetto e' semplice ed il perpetual e' cumulative in ogni condizione a differenza di altri corporate che diventano non-cumulative quando si verifica la condizione che fa scattare la sospensione obbligatoria della cedola.
Come sempre o quasi c'e' "l'inghippo" dell' ACSM per cui le cedole differite devono essere pagate attraverso con l'emissione di nuove azioni o di altre eligible sucurities.
Sul sito Solvay dichiarano di aver sempre pagato il dividendo sull'azione negli ultimi 27 anni ed infatti non e' a prezzo di saldo
Interest: The Bonds will bear interest (i) at the fixed rate of 6.375 per cent. per annum
from (and including) the Issue Date to (but excluding) 2 June 2016, payable
annually in arrear on 2 June in each year and (ii) thereafter at 3-month
EURIBOR plus 3.35 per cent. per annum, payable quarterly in arrear on 2
March, 2 June, 2 September and 2 December in each year.
The Issuer may, at its option, elect not to pay interest in respect of the Bonds,
in which case any such interest shall be deferred and constitute "Outstanding
Amounts". Outstanding Amounts will bear interest at the rate of interest then
applicable to the Bonds. Outstanding Amounts and interest accrued thereon
shall be payable upon the occurrence of an Outstanding Amount Payment
Event (as such term is defined in “Terms and Conditions of the Bonds –
Definitions”) or if the Issuer so decides. In such case, the Guarantor shall
initiate the alternative coupon satisfaction mechanism ("ACSM") by (i) issuing
and/or selling, or causing the Issuer to issue and/or sell, ordinary shares up to
a maximum amount of 2 per cent. of the Guarantor’s aggregate outstanding
issued share capital (such maximum amount shall not apply if the Guarantor
exercises the ACSM in respect of Outstanding Amounts which have been
deferred for a period of less than 12 months) and/or (ii) issuing, or causing the
Issuer to issue, certain eligible securities in a maximum aggregate amount of
up to 25 per cent. of the aggregate principal amount of the Bonds. If the
Guarantor fails to raise, or cause the Issuer to raise, proceeds under the
ACSM which are equal to the Outstanding Amounts and interest accrued
thereon within 12 months of the Outstanding Amount Payment Event the
claims of the Bondholders in respect of the shortfall shall be cancelled and the
non-payment by the Issuer of such shortfall shall not constitute a default.