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Intact Financial Corporation Announces Conversion Right of Series 1 Preferred Shares, and Dividend Rates on Series 1 and Series 2 Preferred Shares
Intact Financial Corporation Announces Conversion Right of Series 1 Preferred Shares, and Dividen...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n \n \n \n Intact Financial Corporation Announces Conversion Right of Series 1 Preferred Shares, and Dividend Rates on Series 1 and Series 2 Preferred Shares\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Dec. 1, 2022\n \n \n /CNW/ - Intact Financial Corporation (\"IFC\") (TSX: IFC) announced today that it does not intend to exercise its right to redeem all or any part of the currently outstanding Non-cumulative Rate Reset Class A Shares Series 1 of IFC (the \"Series 1 Preferred Shares\") (TSX: IFC.PR.A) on\n \n December 31, 2022\n \n . As a result, subject to certain conditions set out in the prospectus dated\n \n July 5, 2011\n \n relating to the issuance of the Series 1 Preferred Shares (the \"Prospectus\"), the holders of the Series 1 Preferred Shares will have the right, at their option, to elect to convert all or any of their Series 1 Preferred Shares into Non-cumulative Floating Rate Class A Shares Series 2 of IFC (the \"Series 2 Preferred Shares\") on a one-for-one basis on\n \n December 31, 2022\n \n . Holders who do not exercise their right to convert their Series 1 Preferred Shares into Series 2 Preferred Shares on such date will retain their Series 1 Preferred Shares, unless automatically converted in accordance with the conditions below.\n \n \n With respect to any Series 1 Preferred Shares that may remain outstanding after December 31, 2022, commencing as of such date, holders thereof will be entitled to receive fixed non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of IFC. The annual dividend rate for the Series 1 Preferred Shares for the five-year period from and including\n \n December 31, 2022\n \n to but excluding\n \n December 31, 2027\n \n will be 4.841%, as determined in accordance with the terms of the Series 1 Preferred Shares.\n \n \n With respect to any Series 2 Preferred Shares that may be issued on December 31, 2022, holders thereof will be entitled to receive floating rate non-cumu...