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Alterna Savings Class A Special Shares, Series 2
(formerly 1998 Metro Credit Union Investment Shares)
What are Alterna Savings Class A Special Shares, Series 2?
Alterna Savings Class A Special Shares, Series 2 are the former 1998 Metro Credit Union Investment Shares. These Special Shares were an optional equity investment in Metro (now Alterna Savings), which gave members the opportunity to earn an attractive rate of return. The shares were sold for a limited time and could only be purchased by Metro Credit Union members.
What are the benefits of Special Shares to members?
Special Shares are a good long-term investment option for members. They have provided and will continue to provide very attractive annual dividends. As they are RRSP eligible, they have been a suitable addition to the RRSP portfolios of many members. Special Shares have also given members the opportunity to help their credit union build for the future.
What are the benefits of Special Shares to Alterna Savings?
Special Shares help strengthen the capital base, or financial foundation, of Alterna Savings. The funds have helped Alterna Savings exceed the minimum regulatory capital requirements. This has provided Alterna Savings with the capital necessary to invest in new services and technology.
What was the sales period and how many shares were sold?
These Special Shares were sold from October 1, 1997 to March 28, 1998, during which time 6,944,437 shares were sold. Each share was worth $1.
How does the redemption process work and how can I submit a redemption request?
You may apply to redeem some or all of your Special Shares at least 30 days prior to each redemption date of June 30 and December 31 of each year. Up to 10% of the total Class A Special Shares Series 2 may be redeemed in one year. Requests will be considered on a first-come, first-served basis, based on the time and date stamped on your returned form.
To submit a redemption request:
- Complete Redemption Form (PDF)
- Attach the original Share Certificates to your Redemption Request Form. If you cannot locate your certificates you must complete the Statutory Declaration for Lost Alterna Savings Investment Share Certificate (PDF)
- Completed redemption forms should be sent to the following address: Financial Services department, Alterna Savings, 319 McRae Avenue, Ottawa, ON K1Z 0B9
Your form will be submitted to the Board of Directors at the next available meeting following the prescribed redemption dates. You will be notified within 2-3 weeks of the meeting if your request has been approved. If your shares are redeemed, the funds will be transferred directly to your Alterna Savings account. Cheques will not be issued.
Can I purchase Special Shares? Can I sell my Special Shares to another member?
From time to time, members make requests to sell their shares to other members, or members indicate their interest in purchasing shares. Alterna Savings tries to accommodate these requests by matching members who want to sell with those who are interested in purchasing; however, we cannot guarantee the fulfillment of these requests.
Alterna Savings can only transfer Special Shares to another member. The transfer must not cause the member to exceed the Special Share ownership limit of $100,000. The transfer request must be approved by the Alterna Savings Board of Directors.
To request a transfer, please complete the Transfer Request Form (PDF). This form should be returned to: Financial Services department, Alterna Savings, 319 McRae Avenue, Ottawa, ON K1Z 0B9.
What is the planned dividend rate on my shares?
Members who hold these investment shares may receive a dividend if declared by the Board of Directors. These dividends are non-cumulative and are paid at a rate determined by the Board of Directors.
For a full list of historical dividend rates please refer here.
How are dividends paid?
Dividends are paid in the form of more Special Shares. They are credited to an appropriate Alterna Savings account. Members can also make a one-time, irrevocable choice to receive future annual dividends in the form of cash. You can indicate this choice by filling out an Irrevocable Dividend Election Form (PDF). Instructions are included with the form.
Are Special Shares RRSP eligible?
Special Shares are RRSP eligible. Alterna Savings Special Shares have been a suitable addition to the RRSP portfolios of many members, except those aged 58 and over.
Still have questions?
For more information:
Call us, email us, or visit any Alterna Savings branch.
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