Power Financial Corporation has announced:
that 2,234,515 of its outstanding 11,200,000 Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series P (the “Series P shares”) will be converted on February 1, 2016, on a one-for-one basis, into Non-Cumulative Floating Rate First Preferred Shares, Series Q (the “Series Q shares”) of Power Financial.
As a result, on February 1, 2016, Power Financial will have issued and outstanding 8,965,485 Series P shares and 2,234,515 Series Q shares.
The Series P shares are currently listed on the Toronto Stock Exchange under the symbol PWF.PR.P. The Series Q shares will be listed on the Toronto Stock Exchange under the symbol PWF.PR.Q.
Assiduous Readers will remember that PWF.PR.P will reset to 2.306%; PWF.PR.Q is a FloatingReset that will pay 3-Month T-Bills +160bp, reset quarterly. I recommended against conversion.
This entry was posted on Friday, January 22nd, 2016 at 1:25 am and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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PWF.PR.P / PWF.PR.Q: 20% Conversion to Floating Reset
Power Financial Corporation has announced:
Assiduous Readers will remember that PWF.PR.P will reset to 2.306%; PWF.PR.Q is a FloatingReset that will pay 3-Month T-Bills +160bp, reset quarterly. I recommended against conversion.
This entry was posted on Friday, January 22nd, 2016 at 1:25 am 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.