TORONTO, March 23, 2016 /CNW/ - First National
Financial Corporation ("First National") (TSX: FN, TSX:
FN.PR.A) today announced that 1,112,853 of its 4,000,000 issued
and outstanding cumulative 5-year rate reset Class A Preference
Shares, Series 1 ("Series 1 Preference Shares") were tendered for
conversion, on a one-for-one basis, into cumulative floating rate
Class A Preference Shares, Series 2 ("Series 2 Preference
Shares"). Effective April 1,
2016, the Company will have 2,887,147 Series 1 Preference
Shares and 1,112,853 Series 2 Preference Shares outstanding and
issued. The Series 1 Preference Shares will continue to be listed
on the Toronto Stock Exchange ("TSX") under the symbol FN.PR.A. The
Series 2 Preference Shares will be listed on the TSX under the
symbol FN.PR.B.
About First National Financial Corporation
First National Financial Corporation (TSX: FN, TSX: FN.PR.A,
TSX:FN.PR.B) is the parent company of First National Financial
LP, a Canadian-based originator, underwriter and servicer of
predominantly prime residential (single-family and multi-unit) and
commercial mortgages. With more than $93
billion in mortgages under administration, First National is
Canada's largest non-bank
originator and underwriter of mortgages and is among the top three
in market share in the mortgage broker distribution channel.
For more information, please visit www.firstnational.ca.
Forward-Looking Information
Certain information included in this news release may constitute
forward-looking information within the meaning of securities laws.
In some cases, forward-looking information can be identified by the
use of terms such as "may", "will, "should", "expect", "plan",
"anticipate", "believe", "intend", "estimate", "predict",
"potential", "continue" or other similar expressions concerning
matters that are not historical facts. Forward-looking information
may relate to management's future outlook and anticipated events or
results, and may include statements or information regarding the
future financial position, business strategy and strategic goals,
product development activities, projected costs and capital
expenditures, financial results, risk management strategies,
hedging activities, geographic expansion, licensing plans, taxes
and other plans and objectives of or involving the Company.
Particularly, information regarding growth objectives, any future
increase in mortgages under administration, future use of
securitization vehicles, operation of the underwriting and
fulfillment services business, industry trends and future revenues
is forward-looking information. Forward-looking information is
based on certain factors and assumptions regarding, among other
things, interest rate changes and responses to such changes, the
demand for institutionally placed and securitized mortgages, the
status of the applicable regulatory regime and the use of mortgage
brokers for single family residential mortgages. This
forward-looking information should not be read as providing
guarantees of future performance or results, and will not
necessarily be an accurate indication of whether or not, or the
times by which, those results will be achieved. While management
considers these assumptions to be reasonable based on information
currently available, they may prove to be incorrect. Forward
looking-information is subject to certain factors, including risks
and uncertainties listed under ''Risk and Uncertainties Affecting
the Business'' in the MD&A, that could cause actual results to
differ materially from what management currently expects. These
factors include reliance on sources of funding, concentration of
institutional investors, reliance on relationships with independent
mortgage brokers and changes in the interest rate environment. This
forward-looking information is as of the date of this release, and
is subject to change after such date. However, management and First
National disclaim any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, except as required under
applicable securities regulations.
SOURCE First National Financial Corporation