Category: Issue Comments

iA Financial Corporation Inc. and RF Capital Group Inc. have announced (on 2025-10-31):

the successful completion of the previously announced acquisition of RF Capital.
…
The acquisition of RF Capital was completed by a wholly-owned subsidiary of iA (the “Purchaser”) pursuant to a court-approved plan of arrangement under the provisions of the Business Corporation Act (Ontario) (the “Arrangement”).

Pursuant to the Arrangement, the Purchaser acquired (i) all of the issued and outstanding common shares of RF Capital (“Common Shares”) for cash consideration of C$20.00 per Common Share, and (ii) all of the issued and outstanding Cumulative 5-Year Rate Reset Preferred Shares, Series B of RF Capital (“Series B Preferred Shares”) for cash consideration of C$25.00 per Series B Preferred Share (plus all accrued and unpaid dividends and an amount in cash per Series B Preferred Share equal to the dividends that would have been payable in respect of such share until March 31, 2026, which is the next available redemption date).

Consideration for the purchased shares has been remitted to TSX Trust Company, as depositary under the Arrangement, and will be paid to shareholders of RF Capital as soon as reasonably practicable after the date hereof.

RCG.PR.B was issued as GMP.PR.B, a FixedReset 5.50%+289, which commenced trading 2011-2-22 after being announced 2011-2-1. The notice of extension was reported on PrefBlog. The issue reset at 3.611% in 2016; there was a 22% conversion to GMP.PR.C. It is tracked by HIMIPref™ but is relegated to the Scraps index on credit concerns. The ticker was changed from GMP.PR.B to RCG.PR.B in 2020, following a name change. The issue reset to 3.73% in 2021 and at that time there was a forced conversion to the FixedReset. The potential acquisition was announced in late July, 2025, and reported on PrefBlog.

First National Financial Corporation has announced (on 2025-10-22):

the completion of the previously-announced plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”). Pursuant to the terms of the Arrangement, a newly-formed acquisition vehicle (the “Purchaser”) controlled by private equity funds managed by Birch Hill Equity Partners Management Inc. and private equity funds managed by Brookfield Asset Management acquired all of the outstanding common shares (the “Shares”) of First National, other than certain Shares owned by the Company’s founders, Stephen Smith and Moray Tawse (together with their associates and affiliates), for $48.00 per Share in cash (the “Consideration”). As a result of the Arrangement, Messrs. Smith and Tawse each retained an indirect approximate 19% interest in First National, with Birch Hill and Brookfield holding the remaining approximate 62% interest.

In addition, on closing of the Arrangement, the Company’s 2.961% Series 3 Senior Unsecured Notes due November 17, 2025, 7.293% Series 4 Senior Unsecured Notes due September 8, 2026 and 6.261% Series 5 Senior Unsecured Notes due November 1, 2027 (collectively, the “Redeemed Notes”) were redeemed in accordance with the terms of the Arrangement.

With the Arrangement now complete, the Shares are expected to be delisted from the Toronto Stock Exchange (the “TSX”) shortly following the date hereof. First National’s Class A Preference Shares, Series 1 and Class A Preference Shares, Series 2 continue to be outstanding in accordance with their terms and listed on the TSX (collectively, the “Preferred Shares”).

Settlement of the previously-announced offering of $800 million aggregate principal amount of senior notes of the Company (the “New Notes”) is expected to be completed on October 23, 2025, and the Company and the Purchaser intend to amalgamate shortly thereafter (the “Amalgamation”), with the amalgamated company continuing to be named and operated as “First National Financial Corporation”. The Preferred Shares and the New Notes will continue to be outstanding securities of First National post-amalgamation with no changes to the terms of such securities. Following the Amalgamation, the Preferred Shares will continue to be listed on the TSX and First National will continue to be a reporting issuer under applicable Canadian securities laws.

DBRS affirmed the credit rating of the preferreds at Pfd-3:

The credit rating confirmations and Stable trends reflect Morningstar DBRS’ expectation that FNFC’s go-private transaction will not result in any notable changes to FNF’s proven business model, strategy/strategic priorities, or key members of the senior leadership team. The Investor Group will have a 62% ownership stake, while the two co-founders, Stephen Smith and Moray Tawse, will each have a 19% ownership stake (they previously held a combined ownership stake of approximately 71%). The pro forma capital structure for FNFC includes an incremental $1.15 billion of debt (total debt of $1.75 billion) and an additional $1.16 billion in common equity (total common equity of $1.78 billion), with no contemplated changes to FNF LP’s capital structure. As a result, leverage notably increases to 5.7 times (x) at FNF (as calculated by Morningstar DBRS) and 4.5x at FNFC (as calculated by Morningstar DBRS) and is considered a credit ratings constraint. However, Morningstar DBRS expects FNF to steadily deleverage through a combination of EBITDA growth and debt repayment, reducing leverage at FNFC to approximately 4.0x by the end of 2027 and to approximately 3.0x by the end of 2030. Excess cash flow from lower all-in fixed charges and dividends as a private company should be available for deleveraging. Interest coverage at the outset is a reasonable 2.4x at FNF (as calculated by Morningstar DBRS) and 4.6x at FNFC (as calculated by Morningstar DBRS). Positively, the Investor Group provides financial strength and access to capital, along with a proven track record of partnering with and enhancing Canadian financial services companies with operational experience and deep institutional knowledge of the Canadian housing market.

S&P does not evaluate the preferreds, providing only “Servicer Evaluation Rankings”, which have not changed.

The market, however, seems much more impressed by the company’s new backers, with the price up substantially over the month:

Royal Bank of Canada has announced (on 2025-10-24):

its intention, subject to the approval of the Office of the Superintendent of Financial Institutions (OSFI), to redeem all of its issued and outstanding Non-Viability Contingent Capital (NVCC) Non-Cumulative First Preferred Shares, Series BH (Series BH shares) (TSX: RY.PR.N) and NVCC Non-Cumulative First Preferred Shares Series BI (Series BI shares) (TSX: RY.PR.O) on December 8, 2025, for cash at a redemption price of $25.00 per Series BH share and $25.00 per Series BI share.

In addition, the Bank has also declared a 14-day dividend of $0.046986301 per Series BH share and $0.046986301 per Series BI share covering the period from November 24, 2025 (the date of the last declared dividend payment), up to but excluding the redemption date of December 8, 2025. The final dividend for the Series BH shares and Series BI shares will be paid to shareholders of record at the close of business on November 10, 2025. This results in a total amount of $25.046986301 per Series BH share and $25.046986301 per Series BI share, to be paid on December 8, 2025, upon surrender of the Series BH shares and Series BI shares.

There are 6,000,000 Series BH shares outstanding, representing $150 million of capital, and 6,000,000 Series BI shares outstanding, representing $150 million of capital. The redemptions will be financed out of the general corporate funds of Royal Bank of Canada.

RY.PR.N is a 4.90% Straight Perpetual that commenced trading 2015-6-5 after being announced May 28. It is tracked by HIMIPref™ and is assigned to the PerpetualDiscounts subindex.

RY.PR.O is a NVCC-compliant Straight Perpetual paying 4.90% that commenced trading 2015-7-22 after being announced July 14. It is tracked by HIMIPref™ and is assigned to the PerpetualDiscounts subindex.

Middlefield Group® has announced:

The board of directors of Real Estate Split Corp. (the “Company”) has extended the maturity date of the Company for an additional 5-year term to December 31, 2030, as was detailed in the press release dated August 13, 2025.

The Company is pleased to announce that the distribution rate for the Preferred Shares for the new 5-year term from December 31, 2025 to December 31, 2030 will be $0.58 per annum (5.8% on the original issue price of $10) payable quarterly. The new distribution rate represents a 10.5% increase from the current $0.525 per annum distribution rate and provides investors with a competitive yield reflecting current market yields for preferred shares with similar terms. The new 5-year term extension also offers Preferred shareholders the opportunity to enjoy preferential cash dividends until December 31, 2030. Since inception from November 19, 2020 to September 30, 2025, the Preferred Share has delivered an attractive 5.3% per annum return.

In addition, the Company intends to maintain the targeted monthly Class A Share distribution rate at $0.13 per Class A Share. Since inception to September 30, 2025, the Class A shares have delivered a 6.2% per annum total return, including cash distributions of $7.30 per share. Class A shareholders also have the option to reinvest their cash distributions in a dividend reinvestment plan which is commission free to participants.

The term extension allows Class A shareholders to continue to have exposure to a diversified portfolio of North American real estate issuers while maintaining the opportunity for capital appreciation. Real Estate Split Corp. is focused on traditional property types such as industrial, multi-family, senior housing, and retail, which are well-positioned to benefit from growing demand and constrained real estate supply. The portfolio also provides exposure to emerging property types including data centres, towers, and life science labs that represent an increasing share of the real estate market. The Company employs a tactical asset-allocation strategy designed to seek the best combination of capital-appreciation potential and income and will actively adjust the Portfolio’s allocation across sectors and themes based on market conditions. In connection with the extension, Shareholders can continue to hold their shares of both Classes and receive the new, higher distribution rate on the Preferred Shares by taking no action. Shareholders who do not wish to continue their investment in the Company, will be able to retract Preferred Shares or Class A Shares on December 31, 2025 pursuant to a special retraction right and receive a retraction price that is calculated in the same way that such price would be calculated if the Company were to terminate on December 31, 2025. Pursuant to this option, the retraction price may be less than the market price if the shares are trading at a premium to net asset value. To exercise this retraction right, shareholders must provide notice to their investment dealer by November 27, 2025 at 5:00 p.m. (Toronto time). Alternatively, shareholders may sell their Preferred Shares and/or Class A Shares through their securities dealer for the market price at any time, potentially at a higher price than would be achieved through retraction.

Thanks to Assiduous Reader earlyriser for bringing this to my attention!

Canadian Utilities Limited has announced:

its intention to redeem on December 1, 2025 (the “Redemption Date”), all of its outstanding Cumulative Redeemable Second Preferred Shares Series FF (the “Series FF Shares”) at a price of $25.00 per share (the “Redemption Price”) less any tax required to be deducted or withheld by the Company. The $250 million aggregate cost of redemption will be funded from available cash.

As previously announced, the quarterly dividend payable on December 1, 2025 to the holders of Series FF Shares of record on November 6, 2025 will be $0.28125 per Series FF Share. This will be the final dividend on the Series FF Shares. Upon payment of the December 1, 2025 quarterly dividend, there will be no accrued and unpaid dividends on the Series FF Shares as at the Redemption Date.

The Company has provided notice today of the Redemption Price and the Redemption Date to the sole registered holder of the outstanding Series FF Shares, in accordance with the terms of the Series FF Shares set out in the Company’s articles. Non-registered holders of Series FF Shares should contact their broker or other intermediary for information regarding the redemption process for the Series FF Shares in which they hold a beneficial interest.

The Company’s transfer agent for the Series FF Shares is TSX Trust Company. Questions regarding the redemption process may also be directed to TSX Trust Company at 1-800-387-0825 or by email to shareholderinquiries@tmx.com.

CU.PR.I is a FixedReset, 4.50%+369M450, that commenced trading 2015-9-24 after being announced 2015-9-14. The issue reset to its minimum rate of 4.50% (unchanged) effective 2020-12-1 and there was no conversion. It is tracked by HIMIPref™ and is assigned to the FixedReset-Premium subindex.

Thanks to Assiduous Reader niagara for bringing this to my attention!

Pembina Pipeline Corporation has announced:

that it has closed its previously announced offering of $225 million aggregate principal amount of 5.95% Fixed-to-Fixed Rate Subordinated Notes, Series 2 (the “Series 2 Notes”) due June 6, 2055 (the “Offering”). The Series 2 Notes were offered through a syndicate of underwriters, co-led by CIBC Capital Markets, BMO Capital Markets and Scotiabank, under Pembina’s short form base shelf prospectus dated December 13, 2023, as supplemented by a prospectus supplement dated October 8, 2025.

As previously announced, Pembina intends to use the net proceeds of the Offering to fund the redemption of all of its outstanding Cumulative Redeemable Rate Reset Class A Preferred Shares, Series 9 (TSX: PPL.PR.I) (the “Series 9 Class A Preferred Shares”) on December 1, 2025 (the “Redemption Date”) at a price equal to $25.00 per Series 9 Class A Preferred Share (the “Redemption Price”), less any tax required to be deducted or withheld by the Company and for general corporate purposes. The aggregate Redemption Price to Pembina will be $225 million.

Pembina previously announced that the dividend payable on December 1, 2025, to the holders of the Series 9 Class A Preferred Shares of record on November 3, 2025, will be $0.268875 per Series 9 Class A Preferred Share. This will be the final quarterly dividend on the Series 9 Class A Preferred Shares. Upon payment of the December 1, 2025 dividend, there will be no accrued and unpaid dividends on the Series 9 Class A Preferred Shares as at the Redemption Date.

The Company has provided notice today of the Redemption Price and the Redemption Date to the sole registered holder of the Series 9 Class A Preferred Shares in accordance with the terms of the Series 9 Class A Preferred Shares, as set out in the Company’s articles of amalgamation dated October 2, 2017. For non-registered holders of Series 9 Class A Preferred Shares, no further action is required, however, they should contact their broker or other intermediary with any questions regarding the redemption process for the Series 9 Class A Preferred Shares in which they hold a beneficial interest. The Company’s transfer agent for the Series 9 Class A Preferred Shares is Computershare Investor Services Inc. Questions regarding the redemption process may also be directed to Computershare at 1-800-564-6253 or by email to corporateactions@computershare.com.

PPL.PR.I was issued as a FixedReset, 4.75%+391, that commenced trading 2015-4-10 after being announced 2015-3-31. It reset to 4.302% effective 2020-12-1 and there was no conversion. It is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.

It’s nice to get some more confirmation (after the recent TRP.PR.G refunding) that the Canadian preferred share market continues to be cheap!

Thanks to Assiduous Reader niagara for bringing this to my attention!

Brompton Funds has announced (on 2025-10-6):

Life & Banc Split Corp. (the “Fund”) is pleased to announce its intention to complete a stock split of its class A shares (the “Share Split”) due to the Fund’s strong performance. Class A shareholders of record at the close of business on October 27, 2025 will receive 10 additional class A shares for every 100 class A shares held, pursuant to the Share Split. The Share Split is subject to the approval of the Toronto Stock Exchange (the “TSX”).

Class A shareholders will continue to receive regular monthly cash distributions targeted to be $0.10 per class A share following the Share Split. As a result, the total dollar amount of distributions to be paid to class A shareholders is expected to increase by approximately 10%. The Fund provides a distribution reinvestment plan, on a commission-free basis for class A shareholders that wish to reinvest distributions and realize the benefits of compound growth.

Over the last 10 years, the class A shares have delivered a 20.5% per annum total return based on net asset value, outperforming the S&P/TSX Capped Financials Total Return Index by 6.8% per annum and the S&P/TSX Composite Total Return Index by 8.7% per annum.(1) Since inception, class A shareholders have received cash distributions of $20.95 per share.

Following the completion of the Share Split, the preferred shares of the Fund are expected to have downside protection from a decline in the value of the Fund’s portfolio of approximately 52%.(2)

The class A shares are expected to commence trading on an ex-split basis at the opening of trading on October 27, 2025. No fractional class A shares will be issued and the number of class A shares each holder shall receive will be rounded down to the nearest whole number. The Share Split is a non-taxable event.

The Fund invests on an approximately equally weighted basis in a portfolio consisting of common shares of the six largest Canadian banks and the four major publicly traded Canadian life insurance companies:

Bank of Montreal	Great-West Lifeco Inc.
National Bank of Canada	The Bank of Nova Scotia
Canadian Imperial Bank of Commerce	Royal Bank of Canada
iA Financial Corporation Inc.	The Toronto-Dominion Bank
Sun Life Financial Inc.	Manulife Financial Corporation

This harms the credit quality of the preferreds by increasing the cash drag (due to increased distributions to the Capital Units due to the split) and by decreasing the Asset Coverage ratio. However, with a Whole Unit NAVPU of 22.31 as of 2025-10-9, there is no immediate cause for alarm.

My guess is that they’re doing this to increase the leverage provided by owning the Capital Units, given my assumption that this is what these shareholders want.

Brompton Funds has announced (on 2025-10-6):

Brompton Split Banc Corp. (the “Fund”) is pleased to announce its intention to complete a stock split of its class A shares (the “Share Split”) due to the Fund’s strong performance. Class A shareholders of record at the close of business on October 27, 2025 will receive 17 additional class A shares for every 100 class A shares held, pursuant to the Share Split. The Share Split is subject to the approval of the Toronto Stock Exchange (the “TSX”).

Class A shareholders will continue to receive regular monthly cash distributions targeted to be $0.10 per class A share following the Share Split. As a result, the total dollar amount of distributions to be paid to class A shareholders is expected to increase by approximately 17%. The Fund provides a distribution reinvestment plan, on a commission-free basis for class A shareholders that wish to reinvest distributions and realize the benefits of compound growth.

Over the last 10 years, the class A shares have delivered a 18.4% per annum total return based on net asset value, outperforming the S&P/TSX Equal Weight Diversified Banks Total Return Index by 5.1% per annum and the S&P/TSX Composite Total Return Index by 6.6% per annum.(1) Since inception, class A shareholders have received cash distributions of $23.45 per share.

Following the completion of the Share Split, the preferred shares of the Fund are expected to have downside protection from a decline in the value of the Fund’s portfolio of approximately 55%.(2)

The class A shares are expected to commence trading on an ex-split basis at the opening of trading on October 27, 2025. No fractional class A shares will be issued and the number of class A shares each holder shall receive will be rounded down to the nearest whole number. The Share Split is a non-taxable event.

The Fund invests on an approximately equally weighted basis in a portfolio (the “Portfolio”) of common shares of the six largest Canadian banks: Royal Bank of Canada, The Bank of Nova Scotia, National Bank of Canada, The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and Bank of Montreal. In addition, the Fund may hold up to 10% of the total assets of the Portfolio in investments in global financial companies for the purpose of enhanced diversification and return potential.

This harms the credit quality of the preferreds by increasing the cash drag (due to increased distributions to the Capital Units due to the split) and by decreasing the Asset Coverage ratio. However, with a Whole Unit NAVPU of 24.15 as of 2025-10-9, there is no immediate cause for alarm.

My guess is that they’re doing this to increase the leverage provided by owning the Capital Units, given my assumption that this is what these shareholders want.

Update, 2025-12-2: Brompton has announced a treasury offering of preferreds only:

Brompton Split Banc Corp. (the “Fund”) is pleased to announce it isundertaking a treasury offering of preferred shares (“Preferred Shares”) (the “Offering”).

The sales period for this offering is expected to end on Wednesday, December 3, 2025. The offering is expected to close on or about December 10, 2025 and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”).

The Preferred Shares will be offered at a price of $10.40 per Preferred Share to yield 6.0%.
(1) The closing price on the TSX for the Preferred Shares on December 1, 2025 was $10.54. The offering is being led by RBC Capital Markets.

The investment objectives for the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions, in the amount of $0.15625 per Preferred Share (6.25% per annum on the original $10.00 issue price), and to return the original issue price to holders of Preferred Shares on November 29, 2027.

The Fund has declared aggregate dividends on the Preferred Shares of $10.22 per Preferred Share, representing 80 consecutive quarterly dividends since inception on November 16, 2005.

Based on the most recently calculated net asset value per unit of the Fund on November 27, 2025, the Preferred Shares have downside protection from a decline in the value of the Fund’s portfolio of approximately 57%. The Preferred Shares have a Morningstar DBRS rating of Pfd-3.

The Fund invests on an approximately equally weighted basis in a portfolio (the “Portfolio”) of common shares of the six largest Canadian banks: Royal Bank of Canada, The Bank of Nova Scotia, National Bank of Canada, The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and Bank of Montreal. In addition, the Fund may hold up to 10% of the total assets of the Portfolio in investments in global financial companies for the purpose of enhanced diversification and return potential.

On October 6, TC Energy Corporation announced:

that TransCanada PipeLines Limited (TCPL) is considering an offering of U.S. Junior Subordinated Notes (Notes).

If a successful offering is completed, the Company intends to use the net proceeds to redeem its issued and outstanding Cumulative Redeemable First Preferred Shares, Series 11 (TSX:TRP.PR.G) pursuant to their terms, to reduce indebtedness as well as for general corporate purposes. There is no certainty that TCPL will ultimately complete the offering being considered or as to the timing or terms on which such an offering might be completed.

It is expected that, if the offering is commenced, the Notes would be issued by way of a prospectus supplement to TCPL’s short form base shelf prospectus dated Dec. 5, 2024 included in its registration statement on Form F-10 filed with the U.S. Securities and Exchange Commission (SEC). A copy of such prospectus supplement will be available free of charge on the SEC website at http://www.sec.gov or potential investors may request such prospectus supplement from Morgan Stanley & Co. LLC toll free at +1 (866) 718-1649, BofA Securities, Inc. toll free at +1 (800) 294-1322, J.P. Morgan Securities LLC collect at +1 (212) 834-4533, RBC Capital Markets, LLC toll free at +1 (866) 375-6829 or Wells Fargo Securities LLC toll free at +1 (800) 645-3751.

This morning, we learned:

On October 6, 2025, TransCanada PipeLines Limited entered into an underwriting agreement with major financial institutions including Morgan Stanley and BofA Securities for the issuance of 6.250% Junior Subordinated Notes due 2085.

… which may not be huge news, but it’s a step up from “considering”!

The company announced today:

that TransCanada PipeLines Limited (TCPL) has closed an offering of US$350 million of 6.250 per cent Fixed-for-Life Junior Subordinated Notes due Nov. 1, 2085 (Notes). The Notes were offered through a syndicate of underwriters, co-led by Morgan Stanley & Co. LLC, BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC.

As previously announced, the Company intends to use the net proceeds to redeem (Redemption) its issued and outstanding Cumulative Redeemable First Preferred Shares, Series 11 (Series 11 Shares) (TSX:TRP.PR.G) on Nov. 28, 2025 (Redemption Date) at a price equal to $25.00 per share (Redemption Price), to reduce indebtedness as well as for general corporate purposes. The Company provided notice of the Redemption today to the sole registered holder of the Series 11 Shares in accordance with their terms.

Subject to board approval, the Company expects to declare a final quarterly dividend of $0.2094375 per Series 11 Share, for the period up to but excluding Nov. 28, 2025, payable on Nov. 28, 2025 to shareholders of record on Nov. 17, 2025. This would be the final dividend on the Series 11 Shares and, as the Redemption Date is also a dividend payment date, the Redemption Price will not include any accrued and unpaid dividends. Subsequent to the Redemption Date, the Series 11 Shares will cease to be entitled to dividends and will be delisted from the Toronto Stock Exchange.

Non-registered holders of Series 11 Shares should contact their broker or other intermediary for information regarding the redemption process for the Series 11 Shares in which they hold a beneficial interest.

The Notes were issued by way of a prospectus supplement dated Oct. 6, 2025 to TCPL’s short form base shelf prospectus dated Dec. 5, 2024 (collectively, the Prospectus) included in its registration statement on Form F-10 filed with the U.S. Securities and Exchange Commission.

TRP.PR.G was issued as a FixedReset, 3.80%+296, that commenced trading 2015-3-2 after being announced 2015-2-23. It reset to 3.351% effective 2020-11-30 and there was no conversion. The issue is tracked by HIMIPref™ and is assigned to the Scraps – FixedReset-Discount subindex.

The market’s been pricing this in for a while, with remarkably similar spreads derived from Implied Volatility Analysis for the past while, despite the perplexing and annoying negative slope of the correlation (on which the analysis sets a floor of 1%, since lower values don’t make any sense. There are other things going on, like the market betting heavily that high-reset issues have an outsized probability of redemption):

Still, it’s nice to get some reassurance from TRP that yes, the preferred share market is still cheap compared to alternative sources of funding!

Thanks to Assiduous Reader niagara for bringing this to my attention!

Partners Value Split Corp. has announced:

y its intention to redeem all of its 5,996,800 outstanding Class AA Preferred Shares, Series 9 (“Preferred Shares, Series 9”) for cash on October 6, 2025 (the “Redemption Date”) in accordance with the terms of the Preferred Shares, Series 9.

The redemption price per Preferred Share, Series 9 will be equal to C$25.00 per share plus accrued and unpaid dividends of C$0.12 per share to October 5, 2025, representing a total redemption price of C$25.12 per share (the “Redemption Price”).

Notice has been delivered to holders of the Preferred Shares, Series 9 in accordance with the terms of the Preferred Shares, Series 9. From and after the Redemption Date, the Preferred Shares, Series 9 will cease to be entitled to dividends or any other participation in any distribution of the assets of the Company and the holders thereof shall not be entitled to exercise any of their rights as shareholders in respect thereof except to receive the Redemption Price (less any tax required to be deducted and withheld by the Company). After the redemption of the Preferred Shares, Series 9, the Company will consolidate the existing capital shares held by Partners Value Investments Inc. so that there are an equal number of preferred shares and capital shares outstanding.

The scheduled maturity date was 2026-02-28.

PVS.PR.G is a Split Share, 7-year, 4.90% issue that commenced trading 2018-11-26 after being announced 2018-11-15. It is tracked by HIMIPref™ and assigned to the SplitShare subindex.

Thanks to Assiduous Reader niagara for bringing this to my attention!