18:16:20 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Canadian Western Bank
Symbol CWB
Shares Issued 88,952,099
Close 2019-01-25 C$ 29.30
Market Cap C$ 2,606,296,501
Recent Sedar Documents

Cdn Western Series 9 shares to trade on TSX Jan. 29

2019-01-25 20:24 ET - Prospectus Approved

The Toronto Stock Exchange reports that Canadian Western Bank's non-cumulative five-year rate reset first preferred shares, Series 9 (non-viability contingent capital (NVCC)), will be listed at 5:01 p.m. on Jan. 28, 2019, for trading at the open on Jan. 29, 2019. According to the TSX, the shares will trade under the symbol CWB.PR.D and Cusip No. 136765 88 0.

As stated in its prospectus supplement dated Jan. 22, 2019, Canadian Western will issue five million Series 9 shares at $25 per share in a public offering. It expects to close the offering before the open on Jan. 29, 2019. According to the TSX, quarterly dividends will be payable on the shares on the last day of January, April, July and October in each year at $1.50 per share per year. Assuming the offering closes on Jan. 29, 2019, the initial dividend payment of 38.32 cents per share will be made on April 30, 2019.

The TSX reports that the Series 9 shares will be redeemable on April 30, 2024, and on April 30 every five years thereafter at $25 per share, together with all declared and unpaid dividends to the date fixed for redemption. The holders of the Series 9 shares may also convert their Series 9 shares on April 30, 2024, and on April 30 every five years thereafter into non-cumulative floating rate first preferred shares, Series 10 (NVCC).

The TSX notes that upon the occurrence of a trigger event, each outstanding Series 9 share will automatically and immediately be converted into common shares of Canadian Western at a conversion price equal to the greater of: (i) $5 per share subject to adjustment; and (ii) the volume weighted average trading price of the common shares on the TSX for the 10 consecutive trading days ending on the trading day preceding the date of the trigger event.

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