MONTRÉAL, QC — January 20, 2026 — Leads & Copy —
Power Financial Corporation (TSX: PWF.PR.P) (TSX: PWF.PR.Q) announced today that all of its outstanding Non-Cumulative Floating Rate First Preferred Shares, Series Q will be converted on February 2, 2026, into Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series P of Power Financial.
According to the press release, 1,542,484 Series Q shares will be converted on a one-for-one basis. During the conversion notice period, which ran from January 2, 2026, to January 16, 2026, 4,200 Series P shares were tendered for conversion into Series Q shares, and 856,753 Series Q shares were tendered for conversion into Series P shares.
Pursuant to the terms and conditions of the Series Q shares, since there would remain outstanding on February 2, 2026, after having taken into account all Series P shares and Series Q shares tendered for conversion, less than 1,000,000 Series Q shares, all remaining Series Q shares will automatically be converted into Series P shares without the consent of the holders, regardless of whether they were initially tendered for conversion by holders.
The company said that despite the fact that, during the conversion notice period 4,200 Series P shares were tendered for conversion into Series Q shares, since there would be fewer than 1,000,000 Series Q shares outstanding on February 2, 2026, after having taken into account all Series P shares and Series Q shares tendered for conversion, holders of Series P shares who elected to tender their shares for conversion will not have their Series P shares converted into Series Q shares on February 2, 2026, in accordance with the terms and conditions of the Series P shares.
Consequently, no Series Q shares will be issued on February 2, 2026 and all 1,542,484 Series Q shares will be automatically converted into Series P shares on February 2, 2026. As a result of the foregoing, after February 2, 2026, there will be 11,200,000 Series P shares outstanding and no Series Q shares outstanding.
The Series P shares and Series Q shares are currently listed on the Toronto Stock Exchange under the symbols PWF.PR.P and PWF.PR.Q, respectively.
Power Financial, a wholly owned subsidiary of Power Corporation of Canada, is an international management and holding company with interests in financial services and asset management businesses in Canada, the United States and Europe. It also has significant holdings in a portfolio of global companies based in Europe.
To learn more, visit www.powerfinancial.com.
Source: Power Financial Corporation
