Pari passu?

[Mouse]

"Securities are expected to be allotted on 10 October 2006 and will rank on a pari passu basis for distributions for the half year ending 31 December 2006. This means distribution entitlements of the new Securities will accrue from 1 July 2006. "

Hi,

This paragraph is in a news release today for MLE regarding a SPP they have coming up. Can anyone tell me what they mean by "pari passu basis"?

cheers
Mouse

 

[NettAssets]

Pari passu

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Pari passu is a Latin phrase that means "at the same pace", and by extension also "fairly", "without partiality".

In finance this term refers to two or more loans, bonds or series of preferred stock having equal rights of payment, i.e., have the same level of seniority.

 

[canny]

stocks issed 'pari passu' means they are treated equally with existing stock.

 

[Mouse]

Thanks canny and NettAssets