Yahoo Finance National Bank of Canada Announces Results of Conversion Rights of Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series 40 Non-Viability Contingent Capital (NVCC) (the "Series 40 Shares")
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MONTREAL, May 3, 2023 /CNW/ - National Bank of Canada (the "Bank") (TSX: NA) announced today that none of its outstanding 12,000,000 Series 40 Shares will be converted on May 15, 2023, into Non-Cumulative Floating Rate First Preferred Shares, Series 41 (NVCC) (the "Series 41 Shares").
During the conversion period, 43,109 Series 40 Shares were tendered for conversion into Series 41 Shares, which is less than the minimum 1,000,000 required to give effect to the conversion, as per the terms of the Series 40 Shares described in the prospectus supplement dated January 15, 2018.
As a result, no Series 41 Shares will be issued on May 15, 2023, and holders of Series 40 Shares will retain their shares.
The Series 40 Shares are currently listed on the Toronto Stock Exchange under the symbol NA.PR.E. As previously announced on April 17, 2023, the annual dividend rate for the Series 40 Shares for the five-year period commencing on May 16, 2023, and ending on May 15, 2028, will be 5.818%.
About National Bank of Canada
With $418 billion in assets as at January 31, 2023, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. The Bank has approximately 30,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
SOURCE National Bank of Canada
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