TSX:GWO
WINNIPEG, MB, Dec. 17, 2020 /CNW/ - Great-West Lifeco Inc.
("Lifeco") announced today that holders of 59,830 Lifeco
Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series N
(the "Series N Shares") have elected to convert their shares into
Non-Cumulative Floating Rate First Preferred Shares, Series O (the
"Series O Shares") and that holders of 547,303 Series O
Shares have elected to convert their shares into Series N
Shares.
Lifeco currently has 8,524,422 Series N Shares and 1,475,578
Series O Shares outstanding. After taking into account all shares
tendered for conversion, there would be less than one million
Series O Shares outstanding on December 31,
2020. As a result and in accordance with the terms and
conditions attached to the shares, no Series N Shares may be
converted into Series O Shares and all remaining Series O Shares
will automatically be converted into Series N Shares on a
one-for-one basis on December 31,
2020. Lifeco will give written notice to that effect to any
registered holder on or before Thursday,
December 24, 2020.
Following the automatic conversion, Lifeco will
have 10,000,000 Series N Shares
and no Series O Shares issued and
outstanding. The Series N Shares and Series O Shares are currently
listed on the Toronto Stock Exchange under the symbols GWO.PR.N and
GWO.PR.O, respectively.
The Series N Shares and the Series O Shares have not been and
will not be registered under the United States Securities Act of
1933, as amended, or any state securities laws. The Series N Shares
and the Series O Shares may not be offered, sold or delivered,
directly or indirectly, in the United
States of America for the account or benefit of U.S.
persons. This news release does not constitute an offer to sell or
a solicitation of an offer to buy such securities in the United States.
About Great-West Lifeco Inc.
Great-West Lifeco is an
international financial services holding company with interests in
life insurance, health insurance, retirement and investment
services, asset management and reinsurance businesses. We operate
in Canada, the United States and Europe under the brands Canada Life, Empower
Retirement, Putnam Investments, and Irish
Life.
At the end of 2019, our companies had approximately 24,000
employees, 197,000 advisor relationships, and thousands of
distribution partners – all serving our more than 31 million
customer relationships across these regions. Great-West Lifeco and
its companies have $1.7 trillion in
consolidated assets under administration as of September 30, 2020 and are members of the Power
Corporation group of companies. Great-West Lifeco trades on the
Toronto (TSX) Stock Exchange under
the ticker symbol GWO. To learn more, visit
greatwestlifeco.com.
SOURCE Great-West Lifeco Inc.
