Power Financial announces conversion rights results of series P, Q preferreds

By Cady Vishniac

Detroit, Jan. 19 – Power Financial Corp. says it will convert 137,539 of its outstanding 8,965,485 non-cumulative five-year rate reset first preferred shares, series P on a one-for-one basis into non-cumulative floating-rate first preferred shares, series Q and 829,570 of its outstanding 2,234,515 series Q shares on a one-for-one basis into series P on Feb. 1, according to a press release.

After the conversion 9,657,516 series P shares and 1,542,484 series Q shares will be issued and outstanding.

Power Financial is a Montreal-based diversified financial services management and holding company.

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