2013 : MONTREAL, Dec. 4
MONTREAL, Dec. 4, 2013 /CNW Telbec/ - The National Bank of Canada (the "Bank") announces today its intention to redeem all of its remaining issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series 24 (the "Preferred Shares Series 24") together with all of its remaining issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series 26 (the "Preferred Shares Series 26") on February 15, 2014 (the "Redemption Date").
Pursuant to the share conditions, on the Redemption Date, the Bank may, at its option, redeem the Preferred Shares Series 24 and the Preferred Shares Series 26 at a price equal to $25.00 per share together with all declared and unpaid dividends. The declared dividends payable on February 15, 2014 will be paid to shareholders of record on January 10, 2014.
Formal notice will be issued to shareholders in accordance with the share conditions. The redemption of the Preferred Shares Series 24 and the Preferred Shares Series 26 is subject to the approval of the Office of the Superintendent of Financial Institutions and is part of the Bank's ongoing management of its regulatory capital.
The Bank recommends shareholders consult with their tax advisors to determine the appropriate treatment and impact of the redemptions.
Caution Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These forward-looking statements include the Bank's intentions regarding the redemption of the Preferred Shares Series 24 and the Preferred Shares Series 26. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the control of the Bank, including the obtaining of regulatory approval required to complete the proposed redemption. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. The forward-looking information contained in this press release is presented for the purpose of interpreting the information contained herein and may not be appropriate for other purposes.
About National Bank of Canada
With $188 billion in assets as at October 31, 2013, National Bank of Canada (www.nbc.ca), together with its subsidiaries, forms one of Canada's leading integrated financial groups, and was named among the 20 strongest banks in the world by Bloomberg Markets magazine. The Bank has close to 20,000 employees and is widely recognized as a top employer. Its securities are listed on the Toronto Stock Exchange