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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
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