Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

National Bank of Canada Announces Results of Conversion Rights of Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series 42 Non-Viability Contingent Capital (NVCC) (the "Series 42 Shares")

T.NA

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

MONTREAL, Nov. 2, 2023 /CNW/ - National Bank of Canada (the "Bank") (TSX: NA) announced today that none of its outstanding 12,000,000 Series 42 Shares will be converted on November 15, 2023, into Non-Cumulative Floating Rate First Preferred Shares, Series 43 (NVCC) (the "Series 43 Shares").

During the conversion period, 47,540 Series 42 Shares were tendered for conversion into Series 43 Shares, which is less than the minimum 1,000,000 required to give effect to the conversion, as per the terms of the Series 42 Shares described in the prospectus supplement dated June 4, 2018.

As a result, no Series 43 Shares will be issued on November 15, 2023, and holders of Series 42 Shares will retain their shares.

The Series 42 Shares are currently listed on the Toronto Stock Exchange under the symbol NA.PR.G. As previously announced on October 17, 2023, the annual dividend rate for the Series 42 Shares for the five-year period commencing on November 16, 2023, and ending on November 15, 2028, will be 7.056%.

About National Bank of Canada

With $426 billion in assets as at July 31, 2023, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. The Bank has approximately30,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities atnbc.ca or via social media.

SOURCE National Bank of Canada

Cision View original content: http://www.newswire.ca/en/releases/archive/November2023/02/c5946.html



Get the latest news and updates from Stockhouse on social media

Follow STOCKHOUSE Today