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National Bank of Canada says holders may convert series 40 preferreds
By Wendy Van Sickle
Columbus, Ohio, April 4 – National Bank of Canada announced on Tuesday that it does not intend to exercise its right to redeem all or part of the currently outstanding 12 million series 40 non-cumulative five-year rate reset first preferred shares on May 15.
As a result, holders of the series 40 preferred shares have the right to convert all or part of their shares on a one-for-one basis into non-cumulative floating-rate first preferred shares, series 41, on May 15, according to a news release.
Holders of series 40 preferred shares who do not exercise their right to convert their shares into series 41 preferred shares on May 15 will retain their series 40 preferred shares.
If the issuer determines that there will be less than 1 million shares of either series 40 preferred shares or series 41 preferred shares when the offer ends, either the conversion will not occur if there will be less than 1 million series 41 preferred shares or automatic conversion will occur if there will be less than 1 million series 40 preferred shares.
The conversion period will run from April 17 to 5 p.m. ET on May 1, and holders of shares who wish to exercise their conversion right should contact their broker or other nominee to obtain instructions.
National Bank of Canada is a Montreal-based financial institution.
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