| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2019 > News item |
National Bank of Canada: Too few preferreds tendered for conversion
By Wendy Van Sickle
Columbus, Ohio, May 2 – National Bank of Canada said none of its outstanding 14 million series 30 non-cumulative five-year rate reset first preferred shares will be converted into series 31 non-cumulative floating-rate first preferred shares.
On March 13, the company announced holders of the series 30 preferreds had the right to convert all or part of their preferreds on a one-for-one basis into the series 31 preferreds on May 15.
The conversion period ran from April 15 to 5 p.m. ET on April 30.
During the conversion period, 344,653 series 30 preferreds were tendered for conversion, which was short of the minimum of 1 million preferreds needed to give effect to the conversion, National Bank reported in a news release Thursday.
National Bank of Canada is a Montreal-based financial institution.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.