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