National Bank of Canada announces two-for-one share split by way of a share dividend
MONTREAL, Dec. 4, 2013 /CNW Telbec/ - National Bank of Canada (the "Bank") (NA) announces today that its Board of Directors has approved a 2-for-1 share split of its outstanding common shares. This share split will take the form of a share dividend whereby shareholders will receive one common share for each common share held.
The record date for the share dividend will be Thursday, February 6, 2014 and the payment date will be Thursday, February 13, 2014.
Shareholders do not need to take any action in order to receive this share dividend. Computershare Trust Company of Canada, the Bank's transfer agent, will send to registered shareholders an advice under the Direct Registration System indicating the number of additional shares that they received as a result of the share dividend. These additional common shares will be held in book entry form and registered electronically in the transfer agent's recordkeeping system, unless a physical share certificate is requested by the registered shareholder. Beneficial owners with common shares held through a brokerage account will have their accounts automatically updated to reflect the share dividend.
The Toronto Stock Exchange has determined to implement due bill trading in connection with the share dividend. A due bill is an entitlement attached to listed securities undergoing a material corporate action, such as a share split. In this instance, anyone purchasing a common share of the Bank during the period commencing two trading days before the record date (i.e. Tuesday, February 4, 2014) and ending on the payment date (i.e. Thursday, February 13, 2014) inclusively, shall receive a payable right, meaning the right to receive the paid share dividend provided that person still holds the common shares on the payment date. Any trades that are executed on the Toronto Stock Exchange during this period will be flagged to ensure purchasers receive the entitlement to the share dividend. Ex-dividend trading in the common shares on a dividend-adjusted basis will commence on Friday, February 14, 2014. The due bill redemption date will be Tuesday, February 18, 2014.
No Canadian income tax will be payable by shareholders in respect of the share dividend, and the share dividend will not dilute shareholders' equity. All share and per share data for future periods will reflect the share dividend. For more information, shareholders and beneficial owners should consult their own tax advisor.
A series of questions and answers explaining some of the key features of the share dividend is available on the Bank's website at www.nbc.ca.
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 (TSX: NA). Follow the Bank's activities via social media and learn more about its extensive community involvement at clearfacts.ca and commitment.nationalbank.ca.
SOURCE National Bank of CanadaFor further information:
(The telephone numbers provided below are for the exclusive use of journalists, other media representatives and shareholders.)
Vice-President, Public Affairs
National Bank of Canada
Hélène Baril Assistant
Senior Director, Investor Relations
National Bank of Canada