Readers are referred to the section "Forward-Looking Statements"
at the end of this release.
MONTRÉAL, Jan. 17, 2019 /CNW
Telbec/ - Further to Power Financial Corporation's ("Power
Financial" or "the Corporation") (TSX: PWF) (TSX: PWF.PR.T) press
releases dated December 3, 2018 and
January 2, 2019, Power Financial
announced today that none of its outstanding 8,000,000
Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series T
(the "Series T shares") will be converted on January 31, 2019 into Non-Cumulative Floating
Rate First Preferred Shares, Series U (the "Series U shares") of
Power Financial. During the conversion notice period which ran from
January 2, 2019 to January 16, 2019, only 62,130 Series T shares
were tendered for conversion into Series U shares. As per the
conditions set out in the prospectus supplement dated December 4, 2013 relating to the issuance of
Series T shares, since there would be less than 1,000,000 Series U
shares outstanding on January 31, 2019, after having taken
into account all Series T shares tendered for conversion into
Series U shares, holders of Series T shares who tendered their
shares for conversion will not be entitled to convert their shares
into Series U shares. As a result, Series U shares will not be
issued at this time.
The Series T shares are currently listed on the Toronto Stock
Exchange under the symbol PWF.PR.T.
About Power Financial
Power Financial Corporation is a
diversified international management and holding company with
interests substantially in the financial services sector in
Canada, the United States and Europe. It also has significant holdings in
global industrial and services companies based in Europe. Power Financial Corporation is a
member of the Power Corporation Group of Companies. 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, 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, cyber security risks, changes in government regulation and
legislation, changes in tax laws, unexpected judicial or regulatory
proceedings, catastrophic events, 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
