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National Bank of Canada (the “Bank”) (TSX: NA) announced today that none of its outstanding 12,000,000 Series 40 Shares will be converted on May 15, 2023, into Non-Cumulative Floating Rate First Preferred Shares, Series 41 (NVCC) (the “Series 41 Shares”).
During the conversion period, 43,109 Series 40 Shares were tendered for conversion into Series 41 Shares, which is less than the minimum 1,000,000 required to give effect to the conversion, as per the terms of the Series 40 Shares described in the prospectus supplement dated January 15, 2018.
As a result, no Series 41 Shares will be issued on May 15, 2023, and holders of Series 40 Shares will retain their shares.
The Series 40 Shares are currently listed on the Toronto Stock Exchange under the symbol NA.PR.E. As previously announced on April 17, 2023, the annual dividend rate for the Series 40 Shares for the five-year period commencing on May 16, 2023, and ending on May 15, 2028, will be 5.818%.