CM.PR.O : No Conversion to FloatingReset

Jul 18 22:07 2019 Print This Article

The Canadian Imperial Bank of Commerce has announced:

that, during the conversion notice period which ran from July 1, 2019 to July 16, 2019, 350,312 Non-cumulative Rate Reset Class A Preferred Shares Series 39 (Non-Viability Contingent Capital (NVCC)) of CIBC (the “Series 39 Shares”) were tendered for conversion, on a one-for-one basis, into Non-cumulative Floating Rate Class A Preferred Shares Series 40 (Non-Viability Contingent Capital (NVCC)) of CIBC (the “Series 40 Shares”). As per the conditions set out in the prospectus supplement dated June 2, 2014 relating to the issuance of the Series 39 Shares, since less than 1,000,000 Series 40 Shares would be outstanding on July 31, 2019, holders of Series 39 Shares who tendered their Series 39 Shares for conversion will not be entitled to convert their shares into Series 40 Shares. As a result, Series 40 Shares will not be issued at this time.

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PrefBlog

PrefBlog is presented as a public service by Hymas Investment Management Inc., Manager / Trustee of Malachite Aggressive Preferred Fundand publisher of PrefLetter, a monthly newsletter directed towards long term buy-and-hold retail investors. James Hymas, president of Hymas Investment Management Inc, with years of experience designing quantitative investment technology and applying this technology to conservative portfolios, seeks to provide institutions and retail investors with the information and advice necessary to produce top quartile returns in the preferred share market without the assumption of excess risk.

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