Nuu, check out the document posted by DrillingHere. 

 

In the prospectus, it's not clear if the notice must be given on or after Dec 31, or if the exchange will happen on or after Dec 31. The document posted clarifies that the exchange will happen on Dec 31 if notice is given Dec 1.

 

A holder of Series 1 Shares, upon giving notice as hereinafter provided, may, subject to applicable law and Section 4.1, require the Corporation to redeem all or any such shares on or after December 31, 2012 for an amount in cash for each Series 1 Share to be redeemed of $25.00, together with an amount equal to all accrued and unpaid dividends thereon to but excluding the date specified for redemption (less any tax required to be deducted and withheld by the Corporation) (the “Retraction Price”).