Empire Life Insurance will redeem series 1 preferred shares

Chicago, March 3 – Empire Life Insurance Co. announced that it will exercise its right to redeem its 5,980,000 outstanding non-cumulative rate reset series 1 preferred shares with a 5.75% annual dividend on April 17, according to a press release.

The shares will be redeemed at a price of $25.00 per share for an aggregate total of C$149.5 million, plus declared and unpaid dividends.

On Feb. 24, a dividend of $0.359375 per share was declared. This will be the final dividend on the series and will be paid in the usual manner to shareholders of record on March 18, as previously announced.

Payment will be made on April 19, as April 17 is a Saturday.

The shares trade on the Toronto Stock Exchange as “EMLPrA” and will be delisted on April 16.

The Kingston, Ont.-based individual and group life and health insurance and investment company is a subsidiary of E-L Financial Corp. Ltd.

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