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Intact Financial Corporation announces results of conversion of its Series 1 Preferred Shares
Intact Financial Corporation announces results of conversion of its Series 1 Preferred Shares ...
About this update from Intact Financial Corporation
[{"type":"text","content":"\n \n \n \n Intact Financial Corporation announces results of conversion of its Series 1 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. 19, 2022\n \n \n /CNW/ - Intact Financial Corporation (\"\n \n IFC\"\n \n ) (TSX: IFC) announced today that, after having taken into account all elections received before the December 16, 2022, 5:00 p.m. (ET) conversion deadline, with respect to the Non-cumulative Rate Reset Class A Shares Series 1 of IFC (the \"\n \n Series 1 Preferred Shares\n \n \") tendered for conversion on December 31, 2022 into Non-cumulative Floating Rate Class A Shares Series 2 of IFC (the \"\n \n Series 2 Preferred Shares\n \n \"), the holders of Series 1 Preferred Shares are not entitled to convert their shares. There were 577,852 Series 1 Preferred Shares tendered for conversion, which is fewer than the 1,000,000 Series 1 Preferred Shares required for the ability to proceed with the conversion, in accordance with the terms of the Series 1 Preferred Shares.\n \n \n There are 10,000,000 Series 1 Preferred Shares listed on the Toronto Stock Exchange (\"\n \n TSX\n \n \") under the symbol IFC.PR.A. The annual dividend rate for the Series 1 Preferred Shares for the five-year period from and including\n \n December 31\n \n , 2022 to but excluding December 31, 2027, will be 4.841%, as determined in accordance with the terms of the Series 1 Preferred Shares.\n \n \n Subject to certain conditions described in IFC's prospectus dated July 5, 2011, IFC may redeem the Series 1 Preferred Shares, in whole or in part, on December 31, 2027 and on December 31 every five years thereafter.\n \n \n For more information on the terms of, and risks associated with an investment in, the Series 1 Preferred Shares, see IFC's prospectus dated July 5, 2011 which is available on\n \n \n www.sedar.com\n \n \n .\n \n \n Neither the Series 1 Preferred Shares nor the Series 2 Preferred Shares have been or will be regis...