PWC plans to give its Class A preferred shareholders, Series A noteholders and Series C noteholders the opportunity to convert into the new Class B preferred shares, the financial services holding company said Wednesday.

In addition, the Series A noteholders will, upon approval, have the opportunity to convert to Series C notes. All conversions are strictly voluntary, the company says.

“PWC is pleased to offer its shareholders and noteholders a new attractive investment vehicle,” says David Taylor, president & CEO.

“We may consider doing offerings of the Class B preferred shares in the future. Any proceeds of such offerings would be used to increase the regulatory capital of PWC’s wholly owned subsidiary, Pacific & Western Bank of Canada, and provide working capital for PWC,” Taylor adds.

Special meetings of PWC’s common shareholders, Class A preferred shareholders, Series A noteholders and Series C noteholders are scheduled for June 26 in London, Ont.

IE