An anonymous director reports
ROYAL BANK OF CANADA TO REDEEM NON-CUMULATIVE 5-YEAR RATE RESET FIRST PREFERRED SHARES SERIES AT & AV
Royal Bank of Canada intends to redeem all of its issued and
outstanding non-cumulative five-year rate-reset first preferred shares,
Series AT and AV, on
Aug. 24, 2014, for cash at a redemption price of $25.00 per share, to
be paid on Aug. 25, 2014.
There are 11 million Series AT shares outstanding, representing $275-million of capital, and 16 million Series AV shares outstanding,
representing $400-million of capital. The redemption of the Series AT
and AV shares will be financed out of the general corporate funds of
Royal Bank of Canada.
Separately from the redemption price, the final quarterly dividend of
39.0625 cents for each of the Series AT and AV shares will be paid in the
usual manner on Aug. 22, 2014, to shareholders of record on July 24,
2014. After such dividend payment, the Series AT and Series AV shares
will cease to be entitled to dividends.
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