Royal Bank of Canada to redeem series C-2 first preferred shares

By Mary-Katherine Stinson

Lexington, Ky., Aug. 24 – Royal Bank of Canada intends to redeem all its outstanding non-cumulative first preferred series C-2 shares on Nov. 7, according to a news release.

The series C-2 depositary shares represent 1/40th interest in the C-2 shares.

The 15,385 outstanding shares will be redeemed for cash at a price per share of $1,000, equivalent to $25 per depositary share, along with all declared and unpaid dividends.

The redemption will be financed from the general corporate funds of the bank.

The final quarterly dividend of $16.875 for each of the shares, equivalent to $0.421875 per related depositary share, will be paid on Nov. 7 to shareholders of record on Oct. 27.

The financial services company is based in Toronto.

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