National Bank of Canada says series 40 preferreds won’t be converted on May 15

By Wendy Van Sickle

Columbus, Ohio, May 3 – National Bank of Canada announced on Wednesday that none of its outstanding 12 million series 40 non-cumulative five-year rate reset first preferred shares will be converted into series 41 preferred shares on May 15.

During the conversion period, 43,109 of the series 40 preferreds were tendered for conversion into series 41 shares, which is below the 1 million minimum required to give effect to the conversion, according to a news release.

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.