GUELPH, ON, May 27, 2014 /CNW/ - Co-operators General Insurance Company ("Co-operators General" or the "Company") confirmed today that it will redeem all of its 4,600,000 issued and outstanding Class E Preference Shares, Series D (the "Series D Shares") (TSX: CCS.PR.D) effective June 30, 2014 at a price of $25.00 per Series D Share (the "Redemption Price"). The notice of redemption was mailed to registered holders on May 26, 2014.
The regular quarterly dividend of $0.453125 per Series D Share for the period from April 1, 2014 to June 30, 2014 will be paid on June 30, 2014 to holders of record on June 1, 2014. The dividend will be paid separately from the Redemption Price. The Company will not declare any further dividends on the Series D Shares.
The Series D Shares trade in the book-entry only system of CDS Clearing and Depository Services Inc. and no individual share certificates have been issued.
The Company will deposit the Redemption Price of all Series D Shares with Computershare Investor Services Inc. on or about June 27, 2014.
As of June 30, 2014, the Series D Shares in respect of which such deposit shall have been made shall be redeemed and the rights of the holders thereof after June 30, 2014 shall be limited to receiving, without interest, their proportionate part of the total Redemption Price so deposited.
Inquiries relating to the redemption payment may be directed to Computershare Investor Services Inc., 100 University Ave., 8th Floor, Toronto, ON M5J 2Y1, Attention: Corporate Actions, tel: 1 (800) 564-6253.
About Co-operators General
With assets of more than $5.0 billion, Co-operators General is a leading Canadian-owned multi-product insurance company. Co-operators General is part of The Co-operators Group Limited, a Canadian-owned co-operative. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability, and is listed among the 50 Best Employers in Canada.
This document may contain forward-looking statements and forward-looking information, including statements regarding the operations, objectives, strategies, financial situation and performance of Co-operators General. These statements generally can be identified by the use of forward-looking words such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "plan", "would", "should", "could", "trend", "predict", "likely", "potential" or "continue" or the negative thereof and similar variations. These statements are not guarantees of future performance and involve known and unknown risk, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements or information. Although we believe that the expectations reflected in the forward-looking statements and information are reasonable, there can be no assurance that such expectations will prove to be correct. Consequently, we make no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements and information. For further information, refer to our First Quarter 2014 MD&A or our 2013 Annual Report which are available at www.sedar.com.
SOURCE: The Co-operators
For further information:
Vice-President, Corporate Finance Services