MONTRÉAL, Dec. 31, 2020 /CNW Telbec/ - Power Corporation of Canada ("Power Corporation" or "PCC") (TSX: POW) today announced the completion of an internal share capital reorganization (the "Internal Reorganization") of Power Financial Corporation ("PFC"), which is intended to further simplify the PCC group corporate structure.
Prior to the Internal Reorganization, PCC held 238,693,580 common shares of PFC ("Common Shares") directly and 425,402,926 Common Shares indirectly through its wholly owned subsidiary, 171263 Canada Inc., representing, in aggregate, 100% of the issued and outstanding Common Shares. Following the Internal Reorganization, PCC is the direct holder of 664,096,506 Common Shares, representing 100% of the issued and outstanding Common Shares. In addition, pursuant to the Internal Reorganization, 500,000,000 Third Preferred Shares of PFC (which rank junior to the First Preferred Shares of PFC) were issued to PCC for a subscription price of $1.00 per share, of which 250,000,000 were subsequently redeemed by PFC for $1.00 per share in cash. As a result, PCC is the direct holder of 250,000,000 Third Preferred Shares, representing 100% of the issued and outstanding Third Preferred Shares.
For further details on the Internal Reorganization, please see the Early Warning Report filed today by PCC and available on PFC's profile on SEDAR at www.sedar.com.
About Power Corporation
Power Corporation is an international management and holding company that focuses on financial services in North America, Europe and Asia. Its core holdings are leading insurance, retirement, wealth management and investment businesses, including a portfolio of alternative asset investment platforms. Power Corporation's head office is located at 751 Victoria Square, Montréal, Québec. To learn more, visit www.PowerCorporation.com.
SOURCE Power Corporation of Canada