Canadian Western Bank (TSE:CWB) has released an update.
Canadian Western Bank has announced that holders of its non-cumulative 5-year rate reset First Preferred Shares Series 5 and Series 9 have the option to convert these shares into Series 6 and Series 10 Preferred Shares, respectively, on April 30, 2024. No mandatory redemption will take place on this date, but should certain conditions regarding minimum outstanding shares not be met, automatic conversion may occur. This offers shareholders flexibility in their investment decisions, while the bank maintains its capital structure.
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