RY.PR.C – Series AC Prospectus – Royal Bank Preferred Shares
The following is a set of excerpts from the prospectus document for the Series AC preferreds. The excerpts, highlight the most relevant information, an investor should know when analyzing this preferred. A link to the prospectus is provided lower in this page. The original document for RY.PR.C – Series AC Prospectus – Royal Bank Preferred Shares was used for the excerpts and the important information was highlighted for quick access.
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Excerpt: Size and initial yield
ctober 24, 2006 Royal Bank of Canada $200,000,000 8,000,000 Non-Cumulative First Preferred Shares Series AC Our Non-Cumulative First Preferred Shares Series AC (the “Series AC Preferred Shares”) will be entitled to fixed non-cumulative preferential cash dividends, payable quarterly on the 24th day of February, May, August and November in each year, commencing February 24, 2007, as and when declared by our board of directors, at a quarterly rate of $0.2875 per share.
The initial dividend, if declared, will be payable on February 24, 2007 and will be $0.362329 per share, based on an anticipated issue date of November 1, 2006.
Subject to the provisions of the Bank Act (Canada) (the “Bank Act”) and the consent of the Superintendent of Financial Institutions (the “Superintendent”), on and after November 24, 2011, we may redeem the Series AC Preferred Shares in whole or in part by the payment in cash of a sum equal to $25.00 per share plus, if redeemed before November 24, 2015, a premium, together with declared and unpaid dividends to the date fixed for redemption. See “Description of the Series AC Preferred Shares”.
The Toronto Stock Exchange (the “TSX”) has conditionally approved the listing of the Series AC Preferred Shares subject to our fulfilling all of the TSX requirements on or before January 22, 2007.
Price: $25.00 per Series AC Preferred Share to yield 4.60%
RY.PR.C – Series AC Prospectus – Royal Bank Preferred Shares Original Document
I have presented the most important information regarding the Series AC preferreds. If you need to go through the original and complete document for RY.PR.C – Series AC Prospectus – Royal Bank Preferred Shares is available here.