MONTREAL, Sept. 29, 2017 /CNW Telbec/ - 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 28 (the "Preferred Shares Series 28") on November 15, 2017 (the "Redemption Date").
Pursuant to the share conditions, on the Redemption Date, the Bank may, at its option, redeem the Preferred Shares Series 28 at a price equal to $25.00 per share together with all declared and unpaid dividends. The declared dividends payable on November 15, 2017 will be paid to shareholders of record on October 10, 2017.
Formal notice will be issued to shareholders in accordance with the share conditions. The redemption of the Preferred Shares Series 28 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 redemption.
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 28. 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 $240 billion in assets as at July 31, 2017, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. The Bank has more than 21,000 employees and is widely recognized as a top employer. The Bank's securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
SOURCE National Bank of Canada
For further information: Linda Boulanger, Vice-President, Investor Relations, National Bank of Canada, Tel.: 514-394-0296; Claude Breton, Vice-President, Public Affairs, National Bank of Canada, Tel.: 514-394-8644