TORONTO, May 30, 2013 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced its intention, subject to the approval of the Office of the Superintendent of Financial Institutions (OSFI), to redeem all of its issued and outstanding Non-Cumulative First Preferred Shares Series AH (the "Series AH shares") on July 2, 2013, for cash at a redemption price of $26.00 per share. This is comprised of the $25.00 per share original issue price plus a $1.00 per share redemption premium.
In addition, the Bank has also declared a 39-day dividend of $0.150925 per Series AH share covering the period from May 24, 2013 (the date of the last dividend payment), up to but excluding the redemption date of July 2, 2013. This results in a total amount of $26.150925 per share to be paid upon surrender of the Series AH shares.
There are 8,500,000 shares of Series AH outstanding, representing $212.5 million of capital. The redemption of the Series AH shares will be financed out of the general corporate funds of Royal Bank of Canada.
Please visit www.rbc.com/investorrelations/share-information to view tax Questions & Answers relating to this redemption.SOURCE RBC