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National Bank of Canada Announces Results of Conversion Rights for First Preferred Shares, Series 30 (NVCC)
National Bank of Canada Announces Results of Conversion Rights for First Preferred Shares, Series...
About this update from National Bank Of Canada
[{"type":"text","content":"\n \n \n \n National Bank of Canada Announces Results of Conversion Rights for First Preferred Shares, Series 30 (NVCC)\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n \n \n MONTREAL\n \n \n ,\n \n \n May 2, 2024\n \n \n /CNW/ - National Bank of\n \n Canada\n \n (the \"Bank\") (TSX: NA) announced today that none of its outstanding 14,000,000 Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series 30, Non-Viability Contingent Capital (NVCC) (the \"Series 30 Shares\") will be converted, on\n \n May 15, 2024\n \n , into Non-Cumulative Floating Rate First Preferred Shares, Series 31 (NVCC) (the \"Series 31 Shares\").\n \n \n During the conversion period, 42,445 Series 30 Shares were tendered for conversion into Series 31 Shares, which is less than the minimum 1,000,000 shares required to give effect to the conversion, as per the terms of the Series 30 Shares described in the prospectus supplement dated\n \n January 31, 2014\n \n .\n \n \n As a result, no Series 31 Shares will be issued on\n \n May 15, 2024\n \n , and holders of Series 30 Shares will retain their shares.\n \n \n The Series 30 Shares are currently listed on the Toronto Stock Exchange under the symbol NA.PR.S. As previously announced on\n \n April 15, 2024\n \n , the annual dividend rate for the Series 30 Shares for the five-year period commencing on\n \n May 16, 2024\n \n , and ending on\n \n May 15, 2029\n \n , will be 6.191%.\n \n \n \n \n About National Bank of\n \n Canada\n \n \n \n \n \n \n With $434 billion in assets as at January 31, 2024,\n \n \n \n National Bank of\n \n Canada\n \n \n \n \n , is one of\n \n Canada's\n \n six systematically important banks. The Bank has approximately 30,000 employees in knowledge-intensive positions and operated through three business segments in\n \n Canada\n \n : Personal and Commercial Banking, Wealth Management and Financial Markets. A fourth...