The Empire Life Insurance Company has announced (on March 3, but inexplicably not yet on their website):
that it will exercise its right to redeem all of its 5,980,000 outstanding Non-Cumulative Rate Reset Preferred Shares, Series 1 (the “Preferred Shares Series 1”) on Saturday, April 17, 2021 at the price of $25.00 per Preferred Share Series 1 for an aggregate total of $149,500,000, plus declared and unpaid dividends.
On February 24, 2021, Empire Life announced that a dividend of $0.359375 per Preferred Shares Series 1 had been declared. This will be the final dividend on the Preferred Shares Series 1, and will be paid in the usual manner to shareholders of record on March 18, 2021, as previously announced. After April 17, 2021, the Preferred Shares Series 1 will cease to be entitled to dividends and the only remaining rights of holders of such shares will be to receive payment of the redemption amount.
Given April 17, 2021 is a Saturday, payment of the final dividend and the redemption amount will be made as noted above on Monday, April 19, 2021.
The Preferred Shares Series 1 are currently listed for trading on the Toronto Stock Exchange under the symbol EML.PR.A and will be de-listed from the TSX, as at the close of trading on Friday, April 16, 2021.
Beneficial holders of Preferred Shares Series 1 should contact the financial institution, broker or other intermediary through which they hold these shares to confirm how they will receive their redemption proceeds.
The company had previously announced their intention to redeem this issue, given successful OSFI approval of, and market sale of, an issue of LRCNs.
EML.PR.A is a FixedReset, 5.75%+499, that commenced trading 2016-2-16 after being announced 2016-1-25.
Thanks to Assiduous Reader CanSiamCyp for ensuring I did not miss this.
This entry was posted on Thursday, March 18th, 2021 at 12:29 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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EML.PR.A Redemption Confirmed
The Empire Life Insurance Company has announced (on March 3, but inexplicably not yet on their website):
The company had previously announced their intention to redeem this issue, given successful OSFI approval of, and market sale of, an issue of LRCNs.
EML.PR.A is a FixedReset, 5.75%+499, that commenced trading 2016-2-16 after being announced 2016-1-25.
Thanks to Assiduous Reader CanSiamCyp for ensuring I did not miss this.
This entry was posted on Thursday, March 18th, 2021 at 12:29 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.