MONTREAL, Sept. 26, 2014 /CNW Telbec/ - The National Bank of Canada (the "Bank") announces today its intention to redeem all of its issued and outstanding Non-Cumulative Fixed Rate First Preferred Shares Series 16 (the "Preferred Shares Series 16") on November 15, 2014.
Pursuant to the share conditions, on November 15, 2014, the Bank may, at its option, redeem the Preferred Shares Series 16 at a price equal to $25.00 per share together with all declared and unpaid dividends. The declared dividends payable on November 15, 2014 will be paid in the usual manner to shareholders of record on October 10, 2014.
Since November 15, 2014 is a non-business day, any payments due to shareholders on such date will be made on the first business day following such date, being Monday, November 17, 2014.
A formal notice will be issued to shareholders in accordance with the share conditions.
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 16. 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 $199 billion in assets as at July 31, 2014, National Bank of Canada (www.nbc.ca), together with its subsidiaries, forms one of Canada's leading integrated financial groups. The Bank has more than 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 Canada
For further information: (The telephone numbers provided below are for the exclusive use of journalists, other media representatives and shareholders.): Claude Breton, Vice-President, Public Affairs and Investor Relations, National Bank of Canada, Tel.: 514-394-8644; Hélène Baril, Senior Director, Investor Relations, National Bank of Canada, Tel.: 514-394-0296