The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

Equitable Group Inc. to Redeem Series 1 Preferred Shares

Thursday, August 21, 2014

Equitable Group Inc. to Redeem Series 1 Preferred Shares

17:01 EDT Thursday, August 21, 2014

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, Aug. 21, 2014 /CNW/ - Equitable Group Inc. (TSX: EQB, EQB.PR.A and EQB.PR.C) (the "Company") announced its intention to redeem all of its issued and outstanding Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 1 (the "Series 1 Preferred Shares") for cash. The redemption will occur on September 30, 2014 at a redemption price of $25.00 per Series 1 Preferred Share.

In addition, the Company will pay $0.453125 of declared and unpaid dividends per Series 1 Preferred Share. This results in a total amount of $25.453125 per share to be paid upon surrender of Series 1 Preferred Shares.

There are 2,000,000 Series 1 Preferred Shares outstanding, representing $50 million of capital. The redemption of the Series 1 Preferred Shares will be financed out of the funds raised by the Company resulting from its recent issuance of $75 million Non-Cumulative 5-Year Rate Reset Preferred Shares, Series 3.

Holders of Series 1 Preferred Shares should contact the financial institution, broker or other intermediary through which they hold the shares to confirm how they will receive their redemption proceeds.

About Equitable Group Inc.

Equitable Group Inc. is a growing Canadian financial services business that operates through its wholly-owned subsidiary, Equitable Bank.  Equitable Bank is a Schedule I Bank regulated by the Office of the Superintendent of Financial Institutions Canada with total assets of approximately $12 billion, with more than 300 employees and proven capabilities in lending and deposit-taking.  The Company's integrated operations are organized according to specialty.  We serve retail and commercial customers across Canada with a range of savings solutions and mortgage lending products.  Within Equitable Bank's Core Lending business, Single Family Lending Services funds mortgages for owner-occupied and investment properties across Canada while Commercial Lending Services provides mortgages on a variety of commercial properties on a national basis.  Equitable's Securitization Financing business originates and securitizes insured residential mortgages under the Canada Mortgage and Housing Corporation administered National Housing Act.  Measured by assets, Equitable Bank was the ninth largest independent Schedule I Bank in Canada at March 31, 2014.  For more information, visit the Company's website at www.equitablebank.ca and click on Investor Relations.

SOURCE Equitable Group Inc.

For further information:

Andrew Moor
President and Chief Executive Officer 
416-515-7000    

Tim Wilson
Vice-President and Chief Financial Officer
416-515-7000

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections