Power Corporation of Canada

Power Corporation of Canada

September 30, 2005 14:01 ET

Power Corporation of Canada: Issue of Preferred Shares

MONTREAL, QUEBEC--(CCNMatthews - Sept. 30, 2005) - Not for distribution to U.S. news wire services or dissemination in the United States.

Power Corporation of Canada (TSX:POW.SV) announced today that it has agreed to issue 10,000,000 Non-Cumulative First Preferred Shares, Series D, for gross proceeds of $250 million. The Preferred Shares will be priced at $25 per share and will carry an annual dividend yield of 5.00%. Closing is expected on or about October 19, 2005.

Proceeds from the issue will be used to supplement Power Corporation's financial resources and for general corporate purposes.

Subject to compliance with all necessary legal requirements, the issue will be underwritten by a syndicate led by BMO Nesbitt Burns Inc.

Power Corporation is a diversified management and holding company with interests in financial and communications services in North America. Through affiliates, Power Corporation also holds significant positions in the media and entertainment, energy, water, waste services and specialty minerals sectors in Europe.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

Contact Information

  • Power Corporation of Canada
    Mr. Edward Johnson
    Senior Vice-President, General Counsel and Secretary
    (514) 286-7400