Business
Intact Financial Corporation Announces Conversion Right of Series 7 Preferred Shares, and Dividend Rates on Series 7 and Series 8 Preferred Shares
Intact Financial Corporation Announces Conversion Right of Series 7 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 7 Preferred Shares, and Dividend Rates on Series 7 and Series 8 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 May 31, 2023\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 7 of IFC (the \"Series 7 Preferred Shares\") (TSX: IFC.PR.G) on\n \n June 30, 2023\n \n . As a result, subject to certain conditions set out in the prospectus supplement dated\n \n May 22, 2018\n \n to the short form base shelf prospectus dated\n \n November 15, 2017\n \n (the \"Prospectus\"), relating to the issuance of the Series 7 Preferred Shares, the holders of the Series 7 Preferred Shares will have the right, at their option, to elect to convert all or any of their Series 7 Preferred Shares into Non-cumulative Floating Rate Class H Shares Series 8 of IFC (the \"Series 8 Preferred Shares\") on a one-for-one basis on\n \n June 30, 2023\n \n . Holders who do not exercise their right to convert their Series 7 Preferred Shares into Series 8 Preferred Shares on such date will retain their Series 7 Preferred Shares, unless automatically converted in accordance with the conditions below.\n \n \n With respect to any Series 7 Preferred Shares that may remain outstanding after June 30, 2023, 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 7 Preferred Shares for the five-year period from and including\n \n June 30,2023\n \n to but excluding\n \n June 30, 2028\n \n , will be 6.012%, as determined in accordance with the terms of the Series 7 Preferred Shares.\n \n \n With respect to any Series 8 Preferred Shares that may be issued on June 30, 2023, holders there...