Readers are referred to the section "Forward-Looking Statements"
at the end of this release.
MONTRÉAL, Jan. 4, 2021 /CNW
Telbec/ - Further to Power Financial Corporation's ("Power
Financial" or the "Corporation") (TSX: PWF.PR.P) (TSX: PWF.PR.Q)
news release dated December 2, 2020, Power Financial announced
today the applicable dividend rates for its Non-Cumulative 5-Year
Rate Reset First Preferred Shares, Series P (the "Series P shares")
and Non-Cumulative Floating Rate First Preferred Shares, Series Q
(the "Series Q shares").
With respect to any Series P shares that remain outstanding
after February 1, 2021, holders
thereof will be entitled to receive quarterly fixed non-cumulative
preferential cash dividends, if, as and when declared by the Board
of Directors of Power Financial. The dividend rate for the 5-year
period from and including January 31,
2021 to but excluding January 31,
2026 will be 1.998%, being equal to the 5-year Government of
Canada bond yield determined as of
today plus 1.60%, in accordance with the terms of the Series P
shares.
With respect to any Series Q shares that remain outstanding
after February 1, 2021, holders
thereof will be entitled to receive quarterly floating rate
non-cumulative preferential cash dividends, if, as and when
declared by the Board of Directors of Power Financial. The dividend
rate for the 3-month floating rate period from and including
January 31, 2021 to but excluding
April 30, 2021 will be 1.715%, being
equal to the 3-month Government of Canada Treasury Bill yield
determined as of today plus 1.60%, calculated on the basis of the
actual number of days in such quarterly period divided by 365, in
accordance with the terms of the Series Q shares.
Beneficial owners of Series P shares or Series Q shares who wish
to exercise their conversion right should communicate with their
broker or other nominee to ensure their instructions are followed
so that the registered holders of Series P shares or Series Q
shares can meet the deadline to exercise such conversion right,
which is 5:00 p.m. (Eastern Time) on
January 18, 2021.
About Power Financial
Power Financial, a wholly owned subsidiary of Power Corporation
of Canada, is an international
management and holding company with interests in financial services
and asset management businesses in Canada, the United
States and Europe. It also
has significant holdings in a portfolio of global companies based
in Europe. Power Financial's head
office is located at 751 Victoria Square, Montréal, Québec.
To learn more, visit www.PowerFinancial.com.
Forward-Looking Statements
Certain statements in this news release, other than statements
of historical fact, are forward-looking statements based on certain
assumptions and reflect the Corporation's current expectations, or
with respect to disclosure regarding the Corporation's public
subsidiaries, reflect such subsidiaries' disclosed current
expectations. Forward-looking statements are provided for the
purposes of assisting the reader in understanding the Corporation's
financial performance, financial position and cash flows as at and
for the periods ended on certain dates and to present information
about management's current expectations and plans relating to the
future and the reader is cautioned that such statements may not be
appropriate for other purposes. These statements may include,
without limitation, statements regarding the operations, business,
financial condition, expected financial results, performance,
prospects, opportunities, priorities, targets, goals, ongoing
objectives, strategies and outlook of the Corporation and its
subsidiaries and the declaration of dividends by the Corporation,
as well as the outlook for North American and international
economies for the current fiscal year and subsequent periods.
Forward-looking statements include statements that are predictive
in nature, depend upon or refer to future events or conditions, or
include words such as "expects", "anticipates", "plans",
"believes", "estimates", "seeks", "intends", "targets", "projects",
"forecasts" or negative versions thereof and other similar
expressions, or future or conditional verbs such as "may", "will",
"should", "would" and "could".
By its nature, this information is subject to inherent risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved. A variety of factors, many of
which are beyond the Corporation's and its subsidiaries' control,
affect the operations, performance and results of the Corporation
and its subsidiaries and their businesses, and could cause actual
results to differ materially from current expectations of estimated
or anticipated events or results. These factors include, but are
not limited to: the impact or unanticipated impact of general
economic, political and market factors in North America and internationally,
fluctuations in interest rates, inflation and foreign exchange
rates, monetary policies, business investment and the health of
local and global equity and capital markets, management of market
liquidity and funding risks, risks related to investments in
private companies and illiquid securities, risks associated with
financial instruments, changes in accounting policies and methods
used to report financial condition (including uncertainties
associated with significant judgments, estimates and assumptions),
the effect of applying future accounting changes, business
competition, operational and reputational risks, technological
changes, cybersecurity risks, changes in government regulation and
legislation, changes in tax laws, unexpected judicial or regulatory
proceedings, catastrophic events, man-made disasters, terrorist
attacks, wars and other conflicts, or an outbreak of a public
health pandemic or other public health crises (such as COVID-19),
the Corporation's and its subsidiaries' ability to complete
strategic transactions, integrate acquisitions and implement other
growth strategies, and the Corporation's and its subsidiaries'
success in anticipating and managing the foregoing factors.
The reader is cautioned to consider these and other factors,
uncertainties and potential events carefully and not to put undue
reliance on forward-looking statements. Information contained in
forward-looking statements is based upon certain material
assumptions that were applied in drawing a conclusion or making a
forecast or projection, including management's perceptions of
historical trends, current conditions and expected future
developments, as well as other considerations that are believed to
be appropriate in the circumstances, including that the list of
factors in the previous paragraph, collectively, are not expected
to have a material impact on the Corporation and its subsidiaries.
While the Corporation considers these assumptions to be reasonable
based on information currently available to management, they may
prove to be incorrect.
Other than as specifically required by applicable Canadian law,
the Corporation undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which such statement is made, or to reflect the
occurrence of unanticipated events, whether as a result of new
information, future events or results, or otherwise.
Additional information about the risks and uncertainties of the
Corporation's business and material factors or assumptions on which
information contained in forward-looking statements is based is
provided in its disclosure materials, including its most recent
Management's Discussion and Analysis and Annual Information Form,
filed with the securities regulatory authorities in Canada and available at www.sedar.com.
SOURCE Power Financial Corporation
