CWB Preferred Shares Conversion Halted; Dividends Increased

Canadian Western Bank (TSE:CWB) has released an update.

Canadian Western Bank has announced that the conversion of Series 5 and Series 9 Preferred Shares will not proceed, as the elections for conversion did not meet the required minimum. Starting May 1, 2024, holders of these shares will receive increased quarterly dividends, with the Series 5 shares at a rate of 6.371% and the Series 9 shares at 7.651%, both for the next five years. The bank retains the right to redeem these shares on April 30, 2029, and every five years thereafter, under specified conditions.

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