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Power Financial Corp | Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series M (PWF.PRM.CA)
Prospectus excerpt: This offering of 6.00% Non-Cumulative 5-Year Rate Reset First Preferred Shares, SeriesM(the “SeriesMFirst Preferred Shares”) of Power Financial Corporation (“Power Financial” or the “Corporation”) under this prospectus supplement (the “Prospectus Supplement”) consists of 6,000,000 Series M First Preferred Shares. The holders of the Series M First Preferred Shares will be entitled to fixed non-cumulative preferential cash dividends, as and when declared by the Board of Directors of the Corporation (the “Board of Directors”) for the initial period from and including the closing date of this offering to but excluding January 31, 2014 (the “Initial Fixed Rate Period”) payable quarterly on the last day of January, April, July, and October in each year at an annual rate of $1.50 per share. The initial dividend, if declared, will be payable on April 30, 2009 and will be $0.62877 per share, based on the anticipated closing date of this offering of Series M First Preferred Shares of November 28, 2008. See “Details of the Offering”. For each five-year period after the Initial Fixed Rate Period (each a “Subsequent Fixed Rate Period”), the holders of SeriesMFirst Preferred Shares will be entitled to receive fixed noncumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the last day of January, April, July, and October in each year, in the amountper share per annum determined by multiplying the Annual Fixed Dividend Rate (as defined herein) applicable to such Subsequent Fixed Rate Period by $25.00. The Annual Fixed Dividend Rate for the ensuing Subsequent Fixed Rate Period will be determined by Power Financial on the 30th day prior to the first day of such Subsequent Fixed Rate Period and will be equal to the sum of the Government of Canada Yield (as defined herein) on the date on which the Annual Fixed Dividend Rate is determined plus 3.20%. See “Details of the Offering”. Full Prospectus PDF », PWF.CA Page »
Series: | M | Alternate symbology: | PWF-M.CA, PWF-PM.CA, PWFprM.CA | Redeemable?: | Yes | Call Date: | 1/31/2014 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | No | Conversion Ratio: | Subject to the Corporation’s right to redeem all the Series MFirst Preferred Shares, the holders of Series M First Preferred Shares will have the right, at their option, to convert their SeriesMFirst Preferred Shares into Non-Cumulative Floating Rate First Preferred Shares, Series N (the “Series N First Preferred Shares”), subject to certain conditions, on January 31, 2014 and on January 31 every five years thereafter. The holders of Series N First Preferred Shares will be entitled to receive floating rate non-cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the last day of January, April, July, and October in each year (the initial quarterly dividend period and each subsequent quarterly dividend period is referred to as a “Quarterly Floating Rate Period”), in the amount per share determined by multiplying the applicable Floating Quarterly Dividend Rate (as defined herein) by $25.00. The Floating Quarterly Dividend Rate will be equal to the sum of the T-Bill Rate (as defined herein) plus 3.20% (calculated on the basis of the actual number of days elapsed in the applicable Quarterly Floating Rate Period divided by 365) determined on the 30th day prior to the first day of the applicable Quarterly Floating Rate Period. See “Details of the Offering”. | Shares Offered: | 6000000 | Overallotment: | 2000000 | Liquidation Preference: | $25 | Original Coupon: | 6.00% | Pay Period: | Quarterly | Pay Dates: | 31-Jan, 30-Apr, 31-Jul, 31-Oct | CDx3 Compliance Rating: |
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Power Financial is an international management and holding company that holds interests, directly or indirectly, in companies across the financial services, communications and other business sectors. Co. has three reportable operating segments: Great-West Lifeco Inc., which offers a range of life insurance, retirement, investment products, reinsurance and specialty general insurance products; IGM Financial Inc., which offers financial planning services, investment products, investment advisory and management services; and Parjointco N.V., which include specialty minerals, water, waste services, energy, wines and spirits. As of Dec 31 2010, Co. had total assets of C$143,255,000. Preferreds: PWF.PRA.CA, PWF.PRE.CA, PWF.PRF.CA, PWF.PRG.CA, PWF.PRH.CA, PWF.PRI.CA, PWF.PRK.CA, PWF.PRL.CA, PWF.PRM.CA, PWF.PRO.CA, PWF.PRP.CA, PWF.PRR.CA, PWF.PRS.CA Open the PWF.CA Information Page »
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