Power Financial announces conversion rights for series T preferreds

By Marisa Wong

Los Angeles, Dec. 4 – Power Financial Corp. said it does not intend to exercise its right to redeem all or part of its currently outstanding 8 million non-cumulative five-year rate reset first preferred shares, series T, on Jan. 31.

As a result, holders of the series T shares have the right to convert all or part of their series T shares, on a one-for-one basis, into non-cumulative floating-rate first preferred shares, series U, on Jan. 31, according to a press release.

The conversion period runs from Jan. 2 until Jan. 16.

Holders of series T shares who do not exercise their right to convert their series T shares into series U shares on the conversion date will retain their series T shares, subject to some conditions.

Power Financial, a wholly owned subsidiary of Power Corp. of Canada, is a Montreal-based international management and holding company with interests in financial services and asset management businesses in Canada, the United States and Europe.

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