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Power Financial Announces Final Results of Substantial Issuer Bid
Power Financial Announces Final Results of Substantial Issuer Bid Canada NewsWire ...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n\n\n\nPower Financial Announces Final Results of Substantial Issuer Bid\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\nMONTRÉAL, April 17, 2019\n\n\n\nReaders are referred to the section \"Forward-Looking Statements\" at the end of this release. All figures are expressed in Canadian dollars. \n MONTRÉAL, April 17, 2019 /CNW Telbec/ - Power Financial Corporation (the \"Corporation\" or \"PFC\") (TSX: PWF) today announced that, under the Corporation's substantial issuer bid (the \"PFC Offer\"), it has taken up and is purchasing for cancellation 49,999,973 of its common shares (\"Shares\") at a purchase price of $33.00 per Share representing $1.65 billion of its common shares. \nGreat-West Lifeco Inc. (\"Great-West\") (TSX: GWO) a subsidiary of the Corporation, announced today that it will take up and purchase for cancellation 59,700,974 of its common shares at a purchase price of $33.50 per common share of Great-West (the \"Great-West Shares\"). The Corporation supported Great-West through its participation in the Great-West substantial issuer bid (the \"Great-West Offer\") by tendering a significant portion of its Great-West Shares on a proportionate basis and all remaining tendered Great-West Shares on a non-proportionate basis. Power Financial will fund its Offer using the proceeds from the Corporation's participation in the Great-West Offer.\nPrior to the announcement of the Great-West Offer, the Corporation beneficially owned and exercised control over 669,568,064 Great-West Shares, representing approximately 67.8% of the issued and outstanding Great-West Shares, on a non-diluted basis. As a result of the Great-West Offer, the Corporation will beneficially own and exercise control over 620,250,032 Great-West Shares, or approximately 66.8% of the issued and outstanding Great-West Shares, on a non-diluted basis, after giving effect to the cancellation of Great-West Shares pursuant to the Great-West Offer.\nPower Financial announced today the final results of its substantial issuer bid. Shares purchased under the PFC Offer repres...