Click here to close now.

Welcome!

News Feed Item

Royal Bank of Canada announces conversion privileges of Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AJ and AL

TORONTO, Jan. 20, 2014 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced that it does not intend to exercise its right to redeem all or any part of the currently outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series AJ (the "Series AJ shares") or Series AL (the "Series AL shares") on February 24, 2014. There are currently 16,000,000 Series AJ shares and 12,000,000 Series AL shares outstanding.

Subject to certain conditions set out in the prospectus supplement dated September 9, 2008 relating to the issuance of the Series AJ shares, the holders of the Series AJ shares have the right to convert all or part of their Series AJ shares, on a one-for-one basis, into Non-Cumulative Floating Rate First Preferred Shares, Series AK (the "Series AK shares") on February 24, 2014.

Subject to certain conditions set out in the prospectus supplement dated October 27, 2008 relating to the issuance of the Series AL shares, the holders of the Series AL shares have the right to convert all or part of their Series AL shares, on a one-for-one basis, into Non-Cumulative Floating Rate First Preferred Shares, Series AM (the "Series AM shares") on February 24, 2014. On such date, holders who do not exercise their right to convert their Series AJ shares or Series AL shares into Series AK or Series AM shares, as the case may be, will continue to hold their Series AJ and Series AL shares.

The foregoing conversion rights are subject to the following:

i.      if Royal Bank of Canada determines that there would be less than 1,000,000 Series AK shares or less than 1,000,000 Series AM shares outstanding after February 24, 2014, then holders of Series AJ or Series AL shares will not be entitled to convert their shares into Series AK or Series AM shares, as the case may be, and
   
ii.      alternatively, if Royal Bank of Canada determines that there would remain outstanding less than 1,000,000 Series AJ or less than 1,000,000 Series AL shares after February 24, 2014, then all remaining Series AJ or AL shares will automatically be converted into Series AK or AM shares, as the case may be, on a one-for-one basis on February 24, 2014.
   
  In either case, Royal Bank of Canada will give written notice to that effect to holders of Series AJ and AL shares no later than February 17, 2014.

The dividend rates applicable for the Series AJ and AL shares for the 5-year period from and including February 24, 2014 to but excluding February 24, 2019, and the dividend rates applicable to the Series AK and AM shares for the 3-month period from and including February 24, 2014 to but excluding May 24, 2014, will be determined and announced by way of a press release on January 24, 2014.

Beneficial owners of Series AJ shares and Series AL shares who wish to exercise their conversion rights, should communicate with their broker or other nominee to obtain instructions for exercising such rights during the conversion period, which runs from January 24, 2014, until 5:00 p.m. (EST) on February 10, 2014.

Inquiries should be directed to Shareholder Relations Officer, Shirley Boudreau, at 416-955-7806.

SOURCE RBC

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In the midst of the widespread popularity and adoption of cloud computing, it seems like everything is being offered “as a Service” these days: Infrastructure? Check. Platform? You bet. Software? Absolutely. Toaster? It’s only a matter of time. With service providers positioning vastly differing offerings under a generic “cloud” umbrella, it’s all too easy to get confused about what’s actually being offered. In his session at 16th Cloud Expo, Kevin Hazard, Director of Digital Content for SoftL...
Live Webinar with 451 Research Analyst Peter Christy. Join us on Wednesday July 22, 2015, at 10 am PT / 1 pm ET In a world where users are on the Internet and the applications are in the cloud, how do you maintain your historic SLA with your users? Peter Christy, Research Director, Networks at 451 Research, will discuss this new network paradigm, one in which there is no LAN and no WAN, and discuss what users and network administrators gain and give up when migrating to the agile world of clo...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
SYS-CON Events announced today that Harbinger Systems will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Harbinger Systems is a global company providing software technology services. Since 1990, Harbinger has developed a strong customer base worldwide. Its customers include software product companies ranging from hi-tech start-ups in Silicon Valley to leading product companies in the US a...
Agile, which started in the development organization, has gradually expanded into other areas downstream - namely IT and Operations. Teams – then teams of teams – have streamlined processes, improved feedback loops and driven a much faster pace into IT departments which have had profound effects on the entire organization. In his session at DevOps Summit, Anders Wallgren, Chief Technology Officer of Electric Cloud, will discuss how DevOps and Continuous Delivery have emerged to help connect dev...
"We help to transform an organization and their operations and make them more efficient, more agile, and more nimble to move into the cloud or to move between cloud providers and create an agnostic tool set," noted Jeremy Steinert, DevOps Services Practice Lead at WSM International, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
"AgilData is the next generation of dbShards. It just adds a whole bunch more functionality to improve the developer experience," noted Dan Lynn, CEO of AgilData, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
"We have a tagline - "Power in the API Economy." What that means is everything that is built in applications and connected applications is done through APIs," explained Roberto Medrano, Executive Vice President at Akana, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
"What Dyn is able to do with our Internet performance and our Internet intelligence is give companies visibility into what is actually going on in that cloud," noted Corey Hamilton, Product Marketing Manager at Dyn, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are ra...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of...
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...