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Upon the successful completion of the reorganization transaction, on February 13, 2020, Power Corporation of Canada acquired all of the issued and outstanding common shares of Power Financial held by holders other than Power Corporation of Canada and its wholly owned subsidiaries.
Accordingly, Power Financial common shares were delisted from the Toronto Stock Exchange effective as of the close of business on February 18, 2020.
Power Financial remains a reporting issuer in all of the provinces and territories of Canada as the below-listed first preferred shares remain outstanding shares of Power Financial.
For further information regarding Power Financial’s securities, please consult Power Corporation of Canada’s most recent Annual Information Form and any subsequently filed prospectus relating to an offering of the relevant series of securities, available at www.sedarplus.com.
The Series A First Preferred Shares are entitled to a quarterly cumulative dividend at a floating rate equal to one quarter of 70% of the average prime rate of two major Canadian chartered banks. The dividends are payable on the 15th day of February, May, August and November in each year.
The Series A First Preferred Shares are redeemable, at the Corporation’s option, for $25.00 per share, together with all declared and unpaid dividends to the date fixed for redemption.
The 5.50% Non-Cumulative First Preferred Shares, Series D are entitled to fixed non-cumulative preferential cash dividends at a rate equal to $1.375 per share per annum, payable on the last day of January, April, July and October in each year.
The Corporation may redeem for cash the Series D First Preferred Shares in whole or in part for $25.00 per share together with all declared and unpaid dividends to, but excluding, the date of redemption.
The 5.25% Non-Cumulative First Preferred Shares, Series E are entitled to fixed non-cumulative preferential cash dividends at a rate equal to $1.3125 per share per annum, payable on the last day of January, April, July and October in each year.
The Corporation may redeem for cash the Series E First Preferred Shares in whole or in part for $25.00 per share together with all declared and unpaid dividends to, but excluding, the date of redemption.
The 5.90% Non-Cumulative First Preferred Shares, Series F are entitled to fixed non-cumulative preferential cash dividends at a rate equal to $1.475 per share per annum, payable on the last day of January, April, July and October in each year.
The Corporation may redeem for cash the Series F First Preferred Shares in whole or in part for $25.00 per share together with all declared and unpaid dividends to, but excluding, the date of redemption.
The 5.75% Non-Cumulative First Preferred Shares, Series H are entitled to fixed non-cumulative preferential cash dividends at a rate equal to $1.4375 per share per annum, payable on the last day of January, April, July and October in each year.
The Corporation may redeem for cash the Series H First Preferred Shares in whole or in part for $25.00 per share together with all declared and unpaid dividends to, but excluding, the date of redemption.
The 4.95% Non-Cumulative First Preferred Shares, Series K are entitled to fixed non-cumulative preferential cash dividends at a rate equal to $1.2375 per share per annum, payable on the last day of January, April, July and October in each year.
The Corporation may redeem for cash the Series K First Preferred Shares in whole or in part for $25.00 per share together with all declared and unpaid dividends to, but excluding, the date of redemption.
The 5.10% Non-Cumulative First Preferred Shares, Series L are entitled to fixed non-cumulative preferential cash dividends at a rate equal to $1.2750 per share per annum, payable on the last day of January, April, July and October in each year.
The Corporation may redeem for cash the Series L First Preferred Shares in whole or in part for $25.00 per share together with all declared and unpaid dividends to, but excluding, the date of redemption.
The 5.80% Non-Cumulative First Preferred Shares, Series O are entitled to fixed non-cumulative preferential cash dividends at a rate equal to $1.45 per share per annum, payable on the last day of January, April, July and October in each year.
The Corporation may redeem for cash the Series O First Preferred Shares in whole or in part, for $25.00 per share together with all declared and unpaid dividends to, but excluding, the date of redemption.
The Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series P are entitled to fixed non-cumulative preferential cash dividends at a rate equal to $0.4995 per share per annum, payable on the last day of January, April, July and October in each year.
On January 31, 2026 and on January 31 every five years thereafter, the dividend rate will reset to be equal to the then current five-year Government of Canada bond yield plus 1.60%.
The Corporation may redeem the Series P First Preferred Shares on January 31, 2026 and on January 31 every five years thereafter, in whole or in part, for $25.00 per share together will all declared and unpaid dividends to, but excluding, the date of redemption.
Subject to the Corporation’s right to redeem all the Series P First Preferred Shares, holders of the Series P First Preferred Shares will have the right to convert their shares into Non-Cumulative Floating Rate First Preferred Shares, Series Q of the Corporation, subject to certain conditions, on January 31, 2026 and on January 31 every five years thereafter.
The Non-Cumulative Floating Rate First Preferred Shares, Series Q are entitled to a floating non-cumulative, preferential cash dividend payable, with respect to each three-month floating period, on the last day of each of the months of January, April, July and October in each year. The dividend rate for each period is equal to the three-month Government of Canada Treasury Bill yield, determined as of the 30th day prior to the commencement of the three-month period, plus 1.60%, calculated on the basis of the actual number of days in such quarterly period divided by 365.
The Corporation may redeem the Series Q First Preferred Shares, in whole or in part, by the payment of a specified cash amount per share as follows: i) on January 31, 2026 and on January 31 every five years thereafter, $25.00 per share; or ii) on any other date that is not January 31, 2026 or January 31 every five years thereafter, $25.50 per share, in each case together with all declared and unpaid dividends to, but excluding, the date of redemption.
Subject to the Corporation’s right to redeem all the Series Q First Preferred Shares, holders of the Series Q First Preferred Shares will have the right to convert their shares into Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series P of the Corporation, subject to certain conditions, on January 31, 2026 and on January 31 every five years thereafter.
The 5.50% Non-Cumulative First Preferred Shares, Series R are entitled to fixed non-cumulative preferential cash dividends at a rate equal to $1.375 per share per annum, payable on the last day of January, April, July and October in each year.
The Corporation may redeem the Series R First Preferred Shares in whole or in part, for $25.00 per share together with all declared and unpaid dividends to, but excluding, the date of redemption.
The 4.80% Non-Cumulative First Preferred Shares, Series S are entitled to fixed non-cumulative preferential cash dividends at a rate equal to $1.20 per share per annum, payable on the last day of January, April, July and October in each year.
The Corporation may redeem the Series S First Preferred Shares in whole or in part, for $25.00 per share together with all declared and unpaid dividends to, but excluding, the date of redemption.
The Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series T are entitled to fixed non-cumulative preferential cash dividends at a rate equal to $1.39875 per share per annum, payable on the last day of January, April, July and October in each year.
On January 31, 2029 and on January 31 every five years thereafter, the dividend rate will reset to be equal to the then current five-year Government of Canada bond yield plus 2.37%.
The Corporation may redeem the Series T First Preferred Shares on January 31, 2029 and on January 31 every five years thereafter, in whole or in part, for $25.00 per share together with all declared and unpaid dividends to, but excluding, the date of redemption.
Subject to the Corporation’s right to redeem the Series T First Preferred Shares, holders of the Series T First Preferred Shares will have the right to convert their shares into Non-Cumulative Floating Rate First Preferred Shares, Series U of the Corporation, subject to certain conditions, on January 31, 2029 and on January 31 every five years thereafter.
The 5.15% Non-Cumulative First Preferred Shares, Series V are entitled to fixed non-cumulative preferential cash dividends at a rate equal to $1.2875 per share per annum, payable on the last day of January, April, July and October in each year.
The Corporation may redeem for cash the Series V First Preferred Shares in whole or in part, at the Corporation’s option, for $25.75 if redeemed prior to July 31, 2024, $25.50 if redeemed thereafter and prior to July 31, 2025, $25.25 if redeemed thereafter and prior to July 31, 2026 and $25.00 if redeemed thereafter, in each case together with all declared and unpaid dividends to, but excluding, the date of redemption.
The 4.50% Non-Cumulative First Preferred Shares, Series 23 are entitled to fixed non-cumulative preferential cash dividends at a rate equal to $1.125 per share per annum, payable on the last day of January, April, July and October in each year.
On and after January 31, 2027, the Corporation may redeem for cash the Series 23 First Preferred Shares in whole or in part, at $26.00 per share if redeemed prior to January 31, 2028, $25.75 if redeemed on or after January 31, 2028 and prior to January 31, 2029, $25.50 if redeemed on or after January 31, 2029 and prior to January 31, 2030, $25.25 if redeemed on or after January 31, 2030 and prior to January 31, 2031 and $25.00 if redeemed on or after January 31, 2031, in each case together with all declared and unpaid dividends to, but excluding, the date of redemption.
Power Financial is pleased to provide email notification when new information is posted on our website.
