BCE reports results of series AM and series AN preferred share conversions
BCE announced the results of its preferred share conversions on March 31, 2021.
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Rhea-AI Summary
BCE announced the results of its preferred share conversions on March 31, 2021. A total of 42,423 Series AM Preferred Shares were converted to Series AN Preferred Shares, while 939,786 Series AN shares were converted back to Series AM. Post-conversion, there will be 10,439,978 Series AM and 1,054,722 Series AN shares outstanding. The Series AM shares will have a fixed quarterly dividend of 2.939%, while Series AN shares will have a floating dividend initially set at 0.53927% (2.163% annualized), based on T-Bill rates.
Positive
- Conversion of 42,423 Series AM to Series AN reflects shareholder interest in flexible dividends.
- Quarterly fixed dividend of 2.939% on Series AM shares provides attractive returns.
Negative
- Conversion resulted in a net decrease of fixed-rate shares, potentially affecting dividend stability.
Details
News Market Reaction – BCE
The recorded move for BCE in the trading session of this news was +1.27%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
MONTRÉAL, March 17, 2021 /PRNewswire/ - BCE Inc. (TSX: BCE) (NYSE: BCE) today announced that 42,423 of its 9,542,615 fixed-rate Cumulative Redeemable First Preferred Shares, Series AM ("Series AM Preferred Shares") have been tendered for conversion on March 31, 2021, on a one-for-one basis, into floating-rate Cumulative Redeemable First Preferred Shares, Series AN ("Series AN Preferred Shares"). In addition, 939,786 of its 1,952,085 Series AN Preferred Shares have been tendered for conversion on March 31, 2021, on a one-for-one basis, into Series AM Preferred Shares. Consequently, on March 31, 2021, BCE will have 10,439,978 Series AM Preferred Shares and 1,054,722 Series AN Preferred Shares issued and outstanding. The Series AM Preferred Shares and the Series AN Preferred Shares will continue to be listed on the Toronto Stock Exchange under the symbols BCE.PR.M and BCE.PR.N, respectively.
The Series AM Preferred Shares will pay on a quarterly basis, for the five-year period beginning on March 31, 2021, as and when declared by the Board of Directors of BCE, a fixed quarterly cash dividend based on an annual dividend rate of
The Series AN Preferred Shares will continue to pay, for each quarterly period, as and when declared by the Board of Directors of BCE Inc., a quarterly floating cash dividend based on the T-Bill Rate for such quarterly period plus
About BCE
BCE is Canada's largest communications company, providing advanced Bell broadband wireless, TV, Internet and business communications services alongside Canada's premier content creation and media assets from Bell Media. To learn more, please visit Bell.ca or BCE.ca.
Media inquiries:
Marie-Eve Francoeur
514-391-5263
marie-eve.francoeur@bell.ca
Investor inquiries:
Thane Fotopoulos
514-870-4619
thane.fotopoulos@bell.ca
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SOURCE Bell Canada
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