VersaBank Announces Conversion Results for Series 1 Preferred Shares

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Oct 23, 2019 07:30 am
LONDON, Ontario -- 

VersaBank (TSX: VB) (the “Bank”) announces that none of its outstanding 1,461,460 non-cumulative 5-year rate reset preferred shares, series 1 (the “Series 1 Preferred Shares”) will be converted into non-cumulative floating rate preferred shares, series 2 (the “Series 2 Preferred Shares”) on October 31, 2019 (the “Series 1 Conversion Date”).

In accordance with the Short Form Prospectus dated October 22, 2014, holders of Series 1 Preferred Shares will not be entitled to convert their shares into Series 2 Preferred Shares if the Bank determines that there would remain outstanding on the Series 1 Conversion Date less than 200,000 Series 2 Preferred Shares, after having taken into account all Series 1 Preferred Shares tendered for conversion into Series 2 Preferred Shares. Fewer than 200,000 Series 1 Preferred Shares were tendered for conversion between October 1, 2019, and October 16, 2019. Accordingly, holders of Series 1 Preferred Shares will retain their shares and no Series 2 Preferred Shares will be issued on the Series 1 Conversion Date.

As previously announced, for the 5-year period commencing on November 1, 2019, the annual fixed dividend rate for Series 1 Preferred Shares will be 6.772%, or $0.1693 per share per quarter.

About VersaBank

VersaBank adopted an electronic branchless model in 1993, becoming the world’s first branchless financial institution. It holds a Canadian Schedule I chartered bank license and obtains its deposits, and the majority of its loans and leases, electronically. VersaBank’s Common Shares trade on the Toronto Stock Exchange under the symbol VB and its Series 1 Preferred Shares and Series 3 Preferred Shares trade under the symbols VB.PR.A and VB.PR.B, respectively. Visit VersaBank’s website at: https://www.versabank.com.

VersaBank: Wade MacBain, Investor Relations, 800-244-1509 wadem@versabank.com

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).