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Other

Power Financial Announces Results of Conversion Rights of Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series P and Non-Cumulative Floating Rate First Preferred Shares, Series Q

By The Northwire Desk — AI Analysis Jan 20, 2026 · 07:33 PWF · 21.9 None
PWF · Price

Executive Summary

  • Power Financial announced that all 1,542,484 outstanding Series Q non‑cumulative floating‑rate first preferred shares will be automatically converted on February 2 2026 into Series P non‑cumulative 5‑year rate‑reset first preferred shares on a one‑for‑one basis.
  • After the conversion, the total number of Series P shares outstanding will increase to 11,200,000 and there will be no Series Q shares remaining.
  • The conversion was triggered because the post‑conversion count of Series Q shares would fall below the 1,000,000‑share threshold set in the share terms, causing an automatic conversion of all remaining Series Q shares.

Key Details

  • Outstanding Shares Pre‑Conversion: 1,542,484 Series Q shares.
  • Conversion Date: February 2 2026 (effective date).
  • Conversion Ratio: One‑for‑one (each Series Q share converts into one Series P share).
  • Tender Activity During Notice Period (Jan 2 – Jan 16 2026):
  • 4,200 Series P shares were tendered for conversion into Series Q shares.
  • 856,753 Series Q shares were tendered for conversion into Series P shares.
  • Automatic Conversion Trigger: Because the total number of Series Q shares remaining after accounting for all tenders would be < 1,000,000, the remaining Series Q shares are automatically converted without further holder consent.
  • Resulting Share Count Post‑Conversion: 11,200,000 Series P shares outstanding; 0 Series Q shares outstanding.
  • Ticker Symbols: Series P – PWF.PR.P; Series Q – PWF.PR.Q (both listed on the Toronto Stock Exchange).

Notable Quotes

(No executive quotes were included in the release.)

Read the original news release →