TORONTO, Feb. 14, 2014 /CNW/ - Royal Bank of Canada (RY on TSX and NYSE) today announced that 2,421,185 of its 16,000,000 Non-Cumulative 5-Year Rate Reset First Preferred Shares Series AJ (the "Series AJ shares") will be converted on February 24, 2014, on a one-for-one basis, into Non-Cumulative Floating Rate First Preferred Shares Series AK (the "Series AK shares") of Royal Bank of Canada.
Furthermore, during the conversion notice period which ran from January 24, 2014 to February 10, 2014, only 530,659 Non-Cumulative 5-Year Rate Reset First Preferred Shares, Series AL (the "Series AL shares") were tendered for conversion into Non-Cumulative Floating Rate First Preferred Shares, Series AM (the "Series AM shares"). As per the conditions set out in the prospectus supplement dated October 27, 2008, since less than 1,000,000 Series AM shares would be outstanding after February 24, 2014, holders of Series AL shares who tendered their shares for conversion will not be entitled to convert their shares into Series AM shares. As a result, Series AM shares will not be issued at this time.
On February 24, 2014, Royal Bank of Canada will have 13,578,815 Series AJ, 2,421,185 Series AK and 12,000,000 Series AL shares issued and outstanding. The Series AJ and Series AL shares are currently listed on the Toronto Stock Exchange under the symbols RY.PR.I and RY.PR.L respectively. Series AK shares will be listed on the Toronto Stock Exchange under the symbol RY.PR.K.