The Bank of Nova Scotia has announced:
that it intends to exercise its right to redeem all outstanding Non-cumulative Preferred Shares Series 18 of Scotiabank (the “Series 18 Shares”) and Non-cumulative Preferred Shares Series 19 of Scotiabank (the “Series 19 Shares”) on April 26, 2018, at a price equal to $25.00 per share, together with all declared and unpaid dividends. Formal notice will be issued to holders of the Series 18 Shares and Series 19 Shares in accordance with the 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.
On February 27, 2018, the Board of Directors of Scotiabank announced a quarterly dividend of $0.209375 per Series 18 Share, and $0.181788 per Series 19 Share. This will be the final dividend on the Series 18 Shares and Series 19 Shares, and will be paid in the usual manner on April 26, 2018, to shareholders of record at the close of business on April 3, 2018, as previously announced. After April 26, 2018, the Series 18 Shares and Series 19 Shares will cease to be entitled to dividends.
BNS.PR.P is a FixedReset, that commenced trading 2008-03-26 as a 5.00%+205 issue after being announced 2008-03-06. At the 2013 Exchange Date it reset to 3.35%.
BNS.PR.A is the FloatingReset that resulted from the 2013 partial exchange from BNS.PR.P, and hence paid 3-month bills +205bp, reset quarterly.
Neither issue was NVCC-compliant.
This entry was posted on Friday, March 23rd, 2018 at 7:20 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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BNS.PR.P & BNS.PR.A To Be Redeemed
The Bank of Nova Scotia has announced:
BNS.PR.P is a FixedReset, that commenced trading 2008-03-26 as a 5.00%+205 issue after being announced 2008-03-06. At the 2013 Exchange Date it reset to 3.35%.
BNS.PR.A is the FloatingReset that resulted from the 2013 partial exchange from BNS.PR.P, and hence paid 3-month bills +205bp, reset quarterly.
Neither issue was NVCC-compliant.
This entry was posted on Friday, March 23rd, 2018 at 7:20 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.