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Equitable Group Announces Conversion Privilege of Non-Cumulative Rate Reset Preferred Shares, Series 3
Equitable Group Announces Conversion Privilege of Non-Cumulative Rate Reset Preferred Shar...
About this update from Eqb Inc
[{"type":"text","content":"\n\n\n\nEquitable Group Announces Conversion Privilege of Non-Cumulative Rate Reset Preferred Shares, Series 3\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Aug. 22, 2019\n\n\n\nTORONTO, Aug. 22, 2019 /CNW/ - Equitable Group Inc. (TSX: EQB and EQB.PR.C) (\"Equitable\" or the \"Company\") today announced that it does not intend to exercise its right to redeem all or any part of its currently outstanding 3,000,000 non-cumulative redeemable 5-year rate reset Preferred Shares, Series 3 (the \"Series 3 Preferred Shares\") on September 30, 2019 (the \"Conversion Date\"). \n\n \n \n\n \nAs a result, and subject to certain terms of the Series 3 Preferred Shares, the holders of the Series 3 Preferred Shares have the right, at their option, to convert all or part of their Series 3 Preferred Shares, on a one-for-one basis, into non-cumulative floating rate Preferred Shares, Series 4 (\"Series 4 Preferred Shares\") on September 30, 2019. Holders who do not exercise their right to convert their Series 3 Preferred Shares into Series 4 Preferred Shares will retain their Series 3 Preferred Shares, unless automatically converted in accordance with the terms below.\nThe terms of the Series 3 Preferred Shares provide that: (i) if Equitable determines that there would remain outstanding immediately following the conversion less than 800,000 Series 3 Preferred Shares,  all remaining Series 3 Preferred Shares will be automatically converted into an equal number of Series 4 Preferred Shares on the Conversion Date; or (ii) if Equitable determines that there would remain outstanding immediately following the conversion less than 800,000 Series 4 Preferred Shares, holders will not be entitled to convert their Series 3 Preferred Shares into Series 4 Preferred Shares on the Conversion Date.\nThe dividend rate applicable to the Series 3 Preferred Shares for the 5-year period commencing on September 30, 2019 and ending on September 30, 2024, and the dividend rate applicable to the Series 4 Preferred Shares for the 3-month period commencing on September 30, 2019, and...