PrefBlog

National Bank of Canada has announced:

its intention to redeem on January 15, 2013 all of its Non-cumulative Fixed Rate First Preferred Shares Series 15 (the “Preferred Shares Series 15”). The redemption price, as provided for in shares conditions, is $25.00 per share, together with declared and unpaid dividends. As the normal quarterly dividend would have been due on February 15, 2013, the Bank has declared a dividend for the period from November 15, 2012 to January 15, 2013 of $0.24442 per Preferred Share Series 15; as a result, holders will receive upon redemption an amount of $25.24442 per share.

Formal notice will be issued to shareholders in accordance with the share conditions. The redemption of the Preferred Share Series 15 is subject to the approval of the Office of the Superintendent of Financial Institutions and is part of the Bank’s ongoing management of its regulatory capital.

Update, 2013-1-8: S&P has announced:

S&P Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:

National Bank of Canada (TSX:NA) has announced that it will redeem for $CDN25.00 cash per share all of the outstanding shares of its Non-Cumulative Fixed Rate First Preferred Shares, Series 15 (TSX:NA.PR.K) at the close on January 15, 2013. The shares of this issue will be removed from the S&P/TSX Preferred Share Index and the S&P/TSX North American Preferred Stock Index after the close of trading on Tuesday, January 15, 2013.

This entry was posted on Thursday, December 6th, 2012 at 12:17 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.