Industrial Alliance Completes Preferred Share Offering - 2006 | iA Financial Group
Industrial Alliance Insurance and Financial Services Inc. ("Industrial Alliance" or "the Company") today announced the successful completion of a Canadian public offering of $125 million of Non-Cumulative Class A Preferred Shares Series B ("Series B Preferred Shares").
Industrial Alliance issued 5 million Series B Preferred Shares priced at $25.00 per share. Holders will be entitled to receive fixed non-cumulative preferential quarterly dividends in the amount of $0.2875 per share, to yield 4.60% per annum. The offering was underwritten by a syndicate of investment dealers led by Scotia Capital Inc. The offering closed successfully on February 24, 2006.
The Series B Preferred Shares were issued under a prospectus supplement to Industrial Alliance’s base shelf prospectus dated February 19, 2004.
The Series B Preferred Shares have not been and will not be registered in the United States under the Securities Act of 1933, as amended, and will not be offered, sold or delivered in the United States. This press release does not constitute an offer to sell or a solicitation to buy the Series B Preferred Shares in the United States and any public offering of the shares in the United States must be made by means of a prospectus.
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company that offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services. The fifth largest life and health insurance company in Canada, Industrial Alliance is at the head of a large financial group – the Industrial Alliance Group – which has operations across Canada as well as in the Northwestern United States. Industrial Alliance insures over 1.7 million Canadians, employs more than 2,700 people and manages and administers over $38 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG. Industrial Alliance is among the 100 largest public companies in Canada.
This news release may contain forward-looking statements about the operations, objectives and strategies of Industrial Alliance Insurance and Financial Services Inc., as well as its financial situation and performance. These statements can generally be identified by the use of words such as "may," "expect," "anticipate," "intend," "believe," "estimate," "feel," "continue," or other similar expressions, in the affirmative or negative. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from the Company’s expectations include changes in government regulations or in tax laws, competition, technological changes, global capital market activity, interest rates, changes in demographic data, changes in consumer demand for the Company’s products and services, catastrophic events and general economic conditions in Canada or elsewhere in the world. This list is not exhaustive of the factors that may affect any of Industrial Alliance’s forward-looking statements. These and other factors must be examined carefully and readers should not place undue reliance on Industrial Alliance’s forward-looking statements.
Vice-President, Investor Relations
Office phone: (418) 684-5275
Cell phone: (418) 576-3624