Preferred share information
Stock exchange listings
Lifeco's Series F (GWO.PR.F), Series G (GWO.PR.G), Series H (GWO.PR.H), Series I (GWO.PR.H), Series I (GWO.PR.I), Series L (GWO.PR.L), Series M (GWO.PR.M), Series N (GWO.PR.N), Series O (GWO.PR.O), Series P (GWO.PR.P), Series Q (GWO.PR.Q), Series R (GWO.PR.R) and Series S (GWO.PR.S) are listed on the Toronto Stock Exchange.
Dividend record and payment dates
Preferred shares Series F, G, H, I, L, M, N, O, P, Q, R and S – Dividend record dates are usually between the 1st and 4th of March, June, September and December. Dividends are paid the last day of each quarter.
Information about the Series N and O dividend rates can be found in the news release issued on December 2, 2015.
Preferred share data
|Issuer Entity||Great-West Lifeco Inc.|
|Issue||Series F||Series G||Series H||Series I||Series L||Series M||Series N||Series O||Series P||Series Q||Series R||Series S|
|General Type||Fixed Rate Perpetual||Fixed Rate Perpetual||Fixed Rate Perpetual||Fixed Rate Perpetual||Fixed Rate Perpetual||Fixed Rate Perpetual||5-Year Rate Reset||Floating Rate Perpetual||Fixed Rate Perpetual||Fixed Rate Perpetual||Fixed Rate Perpetual||Fixed Rate Perpetual|
|Date Issued||July 10, 2003||Sep 14, 2004||Aug 12, 2005||Apr 12, 2006||Oct 2, 2009||Mar 4, 2010||Nov 23, 2010||Dec 31, 2015||Feb 22, 2012||Jul 6, 2012||Oct 11, 2012||May 22, 2014|
|Amount Outstanding (Par)||$193,500,800||$300,000,000||$300,000,000||$300,000,000||$170,000,000||$150,000,000||$213,110,550||$36,889,450||$250,000,000||$200,000,000||$200,000,000||$200,000,000|
|Earliest Issuer Redemption Date||Sep 30, 2008||Dec 31, 2009||Sep 30, 2010||Jun 30, 2011||Dec 31, 2014||Mar 31, 2015||Dec 31, 2015||Dec 31, 2015||Mar 31, 2017||Sep 30, 2017||Dec 31, 2017||June 30, 2019|
|Paid-up Capital per Share||$20.59||$25.00||$25.00||$25.00||$25.00||$25.00||$25.00||$25.00||$25.00||$25.00||$25.00||$25.00|
|S&P Rating||A-, P-1(low)||A-, P-1(low)||A-, P-1(low)||A-, P-1(low)||A-, P-1(low)||A-, P-1(low)||A-, P-1(low)||A-, P-1(low)||A-, P-1(low)||A-, P-1(low)||A-, P-1(low)||A-, P-1(low)|
Important information on paid-up capital
Lifeco Series F Shares
In 2003, pursuant to a share reorganization and exchange transaction, Great-West Lifeco Inc. ("Lifeco") acquired all of the outstanding common shares in the capital of Canada Life Financial Corporation ("CLFC") that it did not already control ("Original Shares"), for consideration per Original Share which consisted of one of or a combination of cash and the following shares in the capital of Lifeco: common shares, Non-Cumulative First Preferred Shares, Series E, and Non-Cumulative First Preferred Shares, Series F (collectively, "Exchanged Shares").
On December 31, 2009, the Company redeemed all of the Non-Cumulative First Preferred Shares, Series E for $26.00 per share.
Great-West Series L Shares
In 1997, Lifeco and The Great-West Life Assurance Company ("Great-West") purchased common shares in the capital of London Insurance Group Inc. ("Original Shares") for consideration per Original Share which consisted of one of or a combination of cash and common shares and Non-Cumulative Class A Preferred Shares, Series 1 (which have since been redeemed) in the capital of Lifeco, and Non-Cumulative Preferred Shares, Series L, in the capital of Great-West (collectively, "Exchanged Shares").
Great-West Series O Shares
In 2000, Great-West and 3812774 Canada Inc., a wholly-owned subsidiary of Lifeco (which was subsequently dissolved), purchased Non-Cumulative Preferred Shares, Series L, in the capital of Great-West ("Original Shares") for consideration per share which consisted of cash or Non-Cumulative Preferred Shares, Series O, in the capital of Great-West ("Exchanged Shares").
On October 29, 2010, Great-West Life redeemed all of its outstanding 5.55% Non-Cumulative Preferred Shares, Series O at a price of $25.00 per share.
In connection with the issuance of Exchanged Shares in exchange for Original Shares, each shareholder, if eligible, could make a joint election (a "Tax Election") with either or both of Lifeco and Great-West Life, as applicable, pursuant to section 85 of the Income Tax Act (Canada) and thereby obtain a full or partial tax-deferred "rollover" for Canadian income tax purposes. The paid-up capital per share of the applicable class of Exchanged Shares was determined using the aggregate of the paid-up capital of all Exchanged Shares whether or not a Tax Election was made. The paid-up capital of the Exchanged Shares where a Tax Election was not made (“Non-Elected Exchanged Shares”) is equal to the fair market value of the consideration received for the Non-Elected Exchanged Shares. The paid-up capital of the Exchanged Shares where a Tax Election was made (“Elected Exchanged Shares”) is based on the transfer amount elected (the “Elected Amount”) in the Tax Election for each Elected Exchanged Share.
The Elected Amount of each Elected Exchanged Share was provided by the owners of the Original Shares. The reader is cautioned that neither Lifeco nor Great-West Life will be responsible for any inaccuracy in the paid-up capital of any class of Exchanged Shares resulting from an error made by any owner of Elected Exchanged Shares as to the Elected Amount thereof. As a result of the full or partial tax-deferred rollover as described above, the paid-up capital of the Lifeco Series F First Preferred Shares to all holders may be significantly less than the redemption price of such shares, and therefore, a significant deemed dividend could arise on redemption. A deemed dividend is calculated by subtracting the paid-up capital from the redemption price paid for the share. Please refer to the applicable public document filed on SEDAR at sedar.com pursuant to which the Exchanged Shares were issued and contact your tax advisor for further information and advice concerning the tax attributes of such shares.