{"id":51411,"date":"2026-01-20T20:22:54","date_gmt":"2026-01-21T01:22:54","guid":{"rendered":"https:\/\/prefblog.com\/?p=51411"},"modified":"2026-01-20T20:23:09","modified_gmt":"2026-01-21T01:23:09","slug":"pwf-pr-q-forced-conversion-to-pwf-pr-p","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=51411","title":{"rendered":"PWF.PR.Q : Forced Conversion to PWF.PR.P"},"content":{"rendered":"

Power Financial Corporation has announced<\/a>:<\/p>\n

that all of its outstanding 1,542,484 Non-Cumulative Floating Rate First Preferred Shares, Series Q (the “Series Q shares”) will be converted on February 2, 2026, on a one-for-one basis, into Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series P (the “Series P shares”) of Power Financial. During the conversion notice period which ran from January 2, 2026 to January 16, 2026, 4,200 Series P shares were tendered for conversion into Series Q shares and 856,753 Series Q shares were tendered for conversion into Series P shares. Pursuant to the terms and conditions of the Series Q shares, since there would remain outstanding on February 2, 2026, after having taken into account all Series P shares and Series Q shares tendered for conversion, less than 1,000,000 Series Q shares, all remaining Series Q shares will automatically be converted into Series P shares without the consent of the holders, regardless of whether they were initially tendered for conversion by holders.<\/p>\n

In addition, despite the fact that, during the conversion notice period 4,200 Series P shares were tendered for conversion into Series Q shares, since there would be fewer than 1,000,000 Series Q shares outstanding on February 2, 2026, after having taken into account all Series P shares and Series Q shares tendered for conversion, holders of Series P shares who elected to tender their shares for conversion will not have their Series P shares converted into Series Q shares on February 2, 2026, in accordance with the terms and conditions of the Series P shares.<\/p>\n

Consequently, no Series Q shares will be issued on February 2, 2026 and all 1,542,484 Series Q shares will be automatically converted into Series P shares on February 2, 2026. As a result of the foregoing, after February 2, 2026, there will be 11,200,000 Series P shares outstanding and no Series Q shares outstanding.<\/p>\n

The Series P shares and Series Q shares are currently listed on the Toronto Stock Exchange under the symbols PWF.PR.P and PWF.PR.Q, respectively.<\/p><\/blockquote>\n

PWF.PR.P was issued as a a FixedReset, 4.40%+160 that commenced trading 2010-6-29<\/a> after being announced 2010-6-17<\/a>. It reset to 2.306%<\/a> in 2016; I recommended against conversion<\/a> but there was a 20% conversion to PWF.PR.Q<\/a> anyway. After providing notice of extension<\/a> the company announced the 2021 reset of PWF.PR.P to 1.998%<\/a> effective 2021-01-31 and there was a net 6% conversion<\/a> to the FixedReset. The company provided notice of extension<\/a> on 2025-12-2. PWF.PR.P will reset to 4.591%<\/a> effective 2026-01-31.<\/p>\n

Thanks to Assiduous Reader P_I<\/i> for bringing this to my attention<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Power Financial Corporation has announced: that all of its outstanding 1,542,484 Non-Cumulative Floating Rate First Preferred Shares, Series Q (the “Series Q shares”) will be converted on February 2, 2026, on a one-for-one basis, into …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-51411","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=51411"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51411\/revisions"}],"predecessor-version":[{"id":51412,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/51411\/revisions\/51412"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}