Power Financial Corporation

Power Financial Corporation

September 21, 2005 10:54 ET

Power Financial Corporation-Preferred Share Issue

MONTREAL, QUEBEC--(CCNMatthews - Sept. 21, 2005) -

Not for distribution to U.S. news wire services or dissemination in the United States.

Power Financial Corporation (TSX:PWF) has today entered into an agreement with a syndicate of underwriters led by BMO Nesbitt Burns Inc. under which they have agreed to buy 10,000,000 4.95% Non-Cumulative First Preferred Shares, Series K (the "Preferred Shares") from the Corporation and sell to the public at a price of $25.00 per Preferred Share, representing an aggregate amount of issue of $250,000,000. Closing is expected on or about October 7, 2005.

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 an 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 Financial Corporation
    Edward Johnson
    Senior Vice-President, General Counsel and Secretary
    (514) 286-7400