An anonymous director reports
SCOTIABANK ANNOUNCES REDEMPTION OF PREFERRED SHARES SERIES 22 AND SERIES 23
Bank of Nova Scotia intends to exercise its right to redeem all outstanding non-cumulative five-year rate-reset preferred shares, Series 22, of Scotiabank, and non-cumulative floating-rate preferred shares, Series 23, of Scotiabank on Jan. 28, 2019, at a price equal to $25 per share, together with all declared and unpaid dividends. Formal notice will be issued to holders of the Series 22 shares and Series 23 shares in accordance with the share conditions. The redemption has been approved by the Office of the Superintendent of Financial Institutions.
On Nov. 27, 2018, the board of directors of Scotiabank announced a quarterly dividend of 23.9375 cents per Series 22 share, and 21.5885 cents per Series 23 share. This will be the final dividend on the Series 22 shares and Series 23 shares, and will be paid on the date of the redemption, Jan. 28, 2019, to shareholders of record at the close of business on Jan. 2, 2019. After Jan. 28, 2019, the Series 22 shares and Series 23 shares will cease to be entitled to dividends.
Scotiabank is Canada's international bank and a leading financial service provider in the Americas. It is dedicated to helping its 25 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 97,000 employees and assets of $998-billion (as at Oct. 31, 2018), Scotiabank trades on the Toronto and New York stock exchanges.
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