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Non-Controlling Interest in Subsidiaries

12 Months Ended

Dec. 31, 2019

Non-Controlling Interest in Subsidiaries

Non-Controlling Interest in Subsidiaries

28. NON-CONTROLLING INTEREST IN SUBSIDIARIES
As at	December 31		December 31
millions of Canadian dollars		2019		2018
Preferred shares of GBPC	$	14	$	19
Domlec		21		22
	$	35	$	41

Preferred shares of GBPC:
Authorized:
10,000 non-voting cumulative redeemable variable perpetual preferred shares.
	2019			2018
Issued and outstanding:	number of shares		millions of dollars	number of shares		millions of dollars
Outstanding as at December 31	10,000	$	14	20,000	$	19

GBPC Non–Voting Cumulative Variable Perpetual Preferred Stock:

In June 2019, GBPC redeemed all outstanding preferred shares, replacing them with $10 million USD debt at 4 per cent and $10 million USD preferred shares at 6 per cent. The new preferred shares are redeemable by GBPC after June 17, 2021, at $1,000 Bahamian per share plus accrued and unpaid dividends and are entitled to a 6.0 per cent per annum fixed cumulative preferential dividend to be paid semi-annually, with the first payment scheduled for January 2020.

The Preferred Shares rank behind GBPC’s current and future secured and unsecured debt and ahead of all of GBPC’s current and future common stock.

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- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI http://asc.fasb.org/topic&trid=2197479

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- References

No definition available.

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