BNS.PR.S To Be Redeemed

The Bank of Nova Scotia has announced:

that it intends to exercise its right to redeem all outstanding Non-cumulative Preferred Shares Series 24 of Scotiabank on January 26, 2014 at a price equal to $25.00 per share, together with all declared and unpaid dividends. Formal notice will be issued to shareholders in accordance with the related share conditions.

The redemption has been approved by the Office of the Superintendent of Financial Institutions and will be financed out of the general funds of Scotiabank.

Series 24 is BNS.PR.S, a FixedReset 6.25+384, which was issued as part of the consideration for Sun Life’s interest in CI, and not very well publicized. It closed 2008-12-12 and was tracked by HIMIPref™ for a while; tracking ceased on 2009-3-13 when not a single share had traded amidst total silence from the principals. While I confess I haven’t been doing much checking since then, it looks like the situation hasn’t changed.

But now it’s being redeemed and the world can recommence spinning on its axis.

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