QUEBEC CITY, Nov. 5, 2014 /CNW Telbec/ - Industrial Alliance Insurance and Financial Services Inc. ("Industrial Alliance") today announced that it has the intention to redeem, on December 31, 2014, all of its Non-Cumulative Class A Preferred Shares Series E (the "Series E Preferred Shares") then outstanding. The redemption price will be $26.00 for each Series E Preferred Share less any tax required to be deducted and withheld by Industrial Alliance. There are 4,000,000 Series E Preferred Shares outstanding as of today. A formal notice and instructions for the redemption of the Series E Preferred Shares will be sent to all shareholders in accordance with the rights, privileges, restrictions and conditions attached to the Series E Preferred Shares.
Separately from the redemption price, the final quarterly dividend of $0.3750 per Series E Preferred Share will be paid in the usual manner on December 31, 2014 to shareholders of record on November 28, 2014. After the Series E Preferred Shares are redeemed, holders of Series E Preferred Shares will cease to be entitled to distributions of dividends and will not be entitled to exercise any rights as holders other than to receive the redemption price and the final quarterly dividend described above.
This press release may contain statements relating to strategies used by Industrial Alliance or statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "may", "will", "could", "should", "would", "suspect", "expect", "anticipate", "intend", "plan", "believe", "estimate", and "continue" (or the negative thereof), as well as words such as "objective" or "goal" or other similar words or expressions. Such statements constitute forward‑looking statements within the meaning of securities laws. Forward‑looking statements include, but are not limited to, the Company's expectations regarding the redemption of securities described in this press release and information concerning the Company's possible or assumed future operating results. These statements are not historical facts; they represent only the Company's expectations, estimates and projections regarding future events.
Although Industrial Alliance believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements.
The forward-looking statements in this news release reflect the Company's expectations as of the date of this document. Industrial Alliance does not undertake to update or release any revisions to these forward‑looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. operates throughout Canada as well as in the United States. The Company offers life and health insurance products, mutual and segregated funds, savings and retirement plans, securities, auto and home insurance, mortgage and car loans and other financial products and services for both individuals and groups. Ranked among the top four life and health insurance companies in Canada, Industrial Alliance is one of Canada's largest public companies and trades on the Toronto Stock Exchange under the ticker symbol IAG.
SOURCE: Industrial Alliance Insurance and Financial Services Inc.
For further information: Investor Relations Grace Pollock, Office: 418 780-5945, Email: [email protected]