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Great-West Lifeco announces conversion privilege of Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series N and Non-Cumulative Floating Rate First Preferred Shares, Series O
Great-West Lifeco announces conversion privilege of Non-Cumulative 5-Year Rate Reset Firs...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n \n \n \n Great-West Lifeco announces conversion privilege of Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series N and Non-Cumulative Floating Rate First Preferred Shares, Series O\n \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.prnml40{\nMARGIN-LEFT:3.33em\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n WINNIPEG, MB, Nov. 4, 2020\n \n \n \n \n \n TSX:GWO\n \n \n \n \n WINNIPEG, MB\n \n ,\n \n Nov. 4, 2020\n \n /CNW/ - Great-West Lifeco Inc. (\"Lifeco\") announced today that it does not intend to exercise its rights to redeem its outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series N (the \"Series N Shares\") or its outstanding Non-Cumulative Floating Rate First Preferred Shares, Series O (the \"Series O Shares\") on\n \n December 31, 2020\n \n . As a result and subject to certain conditions, holders of Series N Shares have the right to convert all or any of their Series N Shares into Series O Shares, and holders of Series O Shares have the right to convert all or any of their Series O Shares into Series N Shares, on a one-for-one basis on\n \n December 31, 2020\n \n .\n \n \n Lifeco will send a formal notice of the foregoing conversion rights to the registered holder of the Series N Shares and the Series O Shares in accordance with the terms and conditions attached to the applicable shares. Holders of Series N Shares or Series O Shares who do not exercise their applicable conversion rights will retain their Series N Shares or Series O Shares, respectively.\n \n \n The conversion rights are subject to the following conditions, in accordance with the terms and conditions attached to the applicable shares:\n \n \n (i)  if Lifeco determines that, after having taken into account all shares tendered for conversion, there would be less than one million Series O Shares outstanding on\n \n December 31, 2020\n \n , no Series N Shares may be converted into Series O Shares and all remaining Series O Shares will automatically be converted into Series N Shares on a one-for-one basis on\n \n December 31, 2020\n \n , and\n \n \n (ii)  alternativ...