Power Financial says no conversion for series T shares

By Mary Katherine Stinson

Lexington, Ky., Jan. 22 – Power Financial Corp. said there will be no conversion of its series T shares, according to a press release.

During the conversion period that ran from Jan. 2 until Jan. 16, 86,590 of series T shares were tendered for conversion into series U shares.

However, since that would leave less than 1 million series U shares outstanding on Jan. 31, tendering holders will not be entitled to convert their shares.

As a result, no series U shares will be issued at this time.

As previously reported, holders were entitled to exercise their conversion rights because Power Financial had announced it would not be redeeming any of its currently outstanding 8 million non-cumulative five-year rate reset first preferred shares, series T, on Jan. 31.

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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