QUEBEC CITY, May 27, 2013 /CNW Telbec/ - Industrial Alliance Capital Trust (the "Trust"), a subsidiary of Industrial Alliance Insurance and Financial Services Inc. ("Industrial Alliance"), today announces that it has exercised its right to redeem all of the outstanding Industrial Alliance Trust Securities - Series A ("IATS") with a nominal value of $150 million in accordance with the terms of the Amended and Restated Declaration of Trust dated as of July 4, 2003 (the "Declaration of Trust"). The redemption of the IATS will be effective on June 30, 2013 (the "Redemption Date"). Upon redemption, the Trust will pay to the holders of the IATS a redemption price equal to $1,021.75 per IATS (the "Redemption Price"). The regular distribution due on June 30, 2013 will be paid in the normal course leaving no additional distribution accrued and unpaid on the IATS, including Unpaid Indicated Yield.
Notice of the redemption has been sent to holders of the IATS in accordance with the Declaration of Trust.
After June 30, 2013, the holders of the IATS will cease to be entitled to further distributions of indicated yields or any other distribution, pursuant to the Declaration of Trust or otherwise, and the holders of IATS will not be entitled to exercise any rights in respect of the IATS, except receiving the Redemption Price and the regular distribution due on the Redemption Date (less any tax required to be deducted), without interest.
Forward-looking Statements This press release may contain statements relating to strategies used by Industrial Alliance or statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "may", "will", "could", "should", "would", "suspect", "expect", "anticipate", "intend", "plan", "believe", "estimate", and "continue" (or the negative thereof), as well as words such as "objective" or "goal" or other similar words or expressions. Such statements constitute forward-looking statements within the meaning of securities laws. Forward-looking statements include, but are not limited to, Industrial Alliance's expectations regarding the redemption of securities described in this press release and information concerning Industrial Alliance's possible or assumed future operating results. These statements are not historical facts; they represent only Industrial Alliance's expectations, estimates and projections regarding future events.Although Industrial Alliance believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Factors that could cause actual results to differ materially from expectations include, but are not limited to: Industrial Alliance's current and expected future capital position, general business and economic conditions; level of competition and consolidation; changes in laws and regulations including tax laws; liquidity of Industrial Alliance including the availability of financing to meet existing financial commitments on their expected maturity dates when required; accuracy of information received from counterparties and the ability of counterparties to meet their obligations; accuracy of accounting policies and actuarial methods used by Industrial Alliance; insurance risks including mortality, morbidity, longevity and policyholder behaviour including the occurrence of natural or man-made disasters, pandemic diseases and acts of terrorism.