Readers are referred to the sections "Non-IFRS Financial Measures and Presentation" and "Forward-Looking Statements" at the end of this release.
Consolidated results for the period ended
Highlights
- The Corporation's net asset value per share (a non-IFRS financial measure, see Non-IFRS Financial Measures and Presentation later in this news release) was
$32.96 atJune 30, 2020 , compared with$30.79 atMarch 31, 2020 , representing an increase of 7.0%. - On
June 29, 2020 , Great-West Lifeco Inc.'s (Lifeco) subsidiary, Empower Retirement, announced that it has entered into an agreement to purchasePersonal Capital Corporation , a hybrid wealth manager that combines a leading-edge digital experience with personalized advice delivered by human advisors. - Lifeco's consolidated assets under administration were
$1.7 trillion atJune 30, 2020 , a 9.1% increase fromMarch 31, 2020 primarily reflecting the market recovery. - IGM Financial Inc. (IGM) assets under management at
June 30, 2020 were$165.4 billion , an increase of 12.1% fromMarch 31, 2020 and down slightly from the quarter-end record high of$166.8 million atDecember 31, 2019 . - Total net sales at IGM were
$3.4 billion , compared to net redemptions of$544 million in the second quarter of 2019. Investment fund net sales were$864 million , compared to net redemptions of$364 million in the second quarter of 2019. - On
August 4, 2020 , Lifeco announced that an agreement has been reached to sell its Canadian subsidiary,GLC Asset Management Group Ltd. , to Mackenzie Financial Corporation, a subsidiary of IGM. This transaction is expected to close in the fourth quarter of 2020 and is subject to regulatory approval. Parjointco N.V. (Parjointco ) and Pargesa Holding SA (Pargesa) announced onMarch 11, 2020 a public exchange offer for all Pargesa shares not held byParjointco to be exchanged for Groupe Bruxelles Lambert (GBL) shares. Following the successful public exchange offer,Parjointco now holds over 98% of Pargesa's total voting rights. The transaction is expected to be completed in the second half of 2020.
Second Quarter
Net earnings attributable to participating shareholders were
Adjusted net earnings attributable to participating shareholders (a non-IFRS financial measure, see Non-IFRS Financial Measures and Presentation later in this news release) were $533 million or
Contributions to
2020 [1] | 2019 | |||||||
(in dollars per | Net Earnings | Adjusted Net Earnings | Net Earnings | Adjusted Net Earnings | ||||
- Lifeco [2] | 0.86 | 0.70 | 0.45 | 0.62 | ||||
- IGM | 0.17 | 0.16 | 0.16 | 0.17 | ||||
- Pargesa | 0.05 | 0.06 | 0.13 | 0.14 | ||||
- Other Investments [3] | 0.04 | − | 0.10 | 0.10 | ||||
- China AMC [4] | 0.01 | 0.01 | 0.01 | 0.01 | ||||
- Corporate Operations [5] | (0.14) | (0.14) | (0.21) | (0.21) | ||||
0.99 | 0.79 | 0.64 | 0.83 | |||||
[1] | The Corporation completed a reorganization transaction on |
[2] | Power Financial participated in Lifeco's substantial issuer bid in the second quarter of 2019; the number of shares held by Power Financial decreased by 7.4%. |
[3] | Other Investments include earnings (losses) from investment platforms including controlled and consolidated subsidiaries. |
[4] | |
[5] | Operating and other expenses, dividends on non-participating shares of the Corporation and its share of Power Financial's corporate operations. |
Adjustments in the second quarter of 2020, excluded from adjusted net earnings, were a positive impact to earnings of
Six Months
Net earnings attributable to participating shareholders were
Adjusted net earnings attributable to participating shareholders were $878 million or
Contributions to
2020 [1] | 2019 | |||||||
(in dollars per | Net Earnings | Adjusted Net Earnings | Net Earnings | Adjusted Net Earnings | ||||
- Lifeco [2] | 1.18 | 1.23 | 1.09 | 1.17 | ||||
- IGM | 0.30 | 0.30 | 0.31 | 0.31 | ||||
- Pargesa | 0.13 | 0.14 | 0.19 | 0.20 | ||||
- Other Investments [3] | 0.09 | 0.05 | 0.06 | 0.06 | ||||
- China AMC | 0.03 | 0.03 | 0.03 | 0.03 | ||||
- Corporate Operations [4] | (0.33) | (0.33) | (0.41) | (0.41) | ||||
1.40 | 1.42 | 1.27 | 1.36 | |||||
[1] | The Corporation completed the Reorganization on |
[2] | Power Financial participated in Lifeco's substantial issuer bid in the second quarter of 2019; the number of shares held by Power Financial decreased by 7.4%. |
[3] | Other Investments include earnings (losses) from investment platforms including controlled and consolidated subsidiaries. |
[4] | Operating and other expenses, dividends on non-participating shares of the Corporation and its share of Power Financial's corporate operations. |
Adjustments in the six-month period of 2020, excluded from adjusted net earnings, were
Great-West Lifeco, IGM Financial and Pargesa
Results for the period ended
The information below is derived from Lifeco and IGM's interim MD&A, as prepared and disclosed by the respective companies in accordance with applicable securities legislation, and which is also available either directly from SEDAR (www.sedar.com) or from their websites, www.greatwestlifeco.com and www.igmfinancial.com. The information below related to Pargesa is derived from publicly disclosed information, as issued by Pargesa in its second quarter press release. Further information on Pargesa's results is available on its website at www.pargesa.ch.
GREAT-WEST LIFECO INC.
Second Quarter
Net earnings attributable to common shareholders were $863 million or
Adjusted net earnings [1] attributable to common shareholders were
Adjustments in the second quarter of 2020, excluded from adjusted net earnings, were a net positive impact to earnings of
[1] | Described as "base earnings" by Lifeco. For additional information, please refer to the Non-IFRS Financial Measures and Presentation section later in this news release. |
Six Months
Net earnings attributable to common shareholders were
Adjusted net earnings [1] attributable to common shareholders were
Adjustments in the six-month period of 2020, excluded from adjusted net earnings, were a net negative impact to earnings of
[1] | Described as "base earnings" by Lifeco. For additional information, please refer to the Non-IFRS Financial Measures and Presentation section later in this news release. |
IGM FINANCIAL INC.
Second Quarter
Net earnings and adjusted net earnings available to common shareholders were
Assets under management at
Six Months
Net earnings and adjusted net earnings available to common shareholders were
PARGESA HOLDING SA
Second Quarter
Pargesa reported net earnings of SF203 million, compared with SF134 million in 2019.
Adjusted net earnings were SF209 million, compared with SF152 million in 2019. Adjustments, not included in adjusted net earnings, were a charge of SF6 million in the second quarter.
Pargesa reported a net asset value at
Pargesa adopted IFRS 9 in 2018.
Six Months
Pargesa reported net earnings of SF209 million, compared with SF225 million in 2019.
Adjusted net earnings were SF220 million, compared with SF246 million in 2019. Adjustments, not included in adjusted net earnings, were a charge of SF11 million in the six-month period.
Other Investments
For the period ended
Other investments are comprised of the results of the Corporation's investment platforms,
Second Quarter
Income from the Corporation's investment platforms was a loss of
During the second quarter of 2020,
Six Months
Income from the Corporation's investment platforms was
COVID-19
The outbreak of the novel strain of coronavirus, specifically identified as "COVID-19", has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses globally resulting in an economic slowdown. Governments and central banks have responded with significant monetary and fiscal interventions designed to stabilize economic conditions. Equity markets in particular have been volatile, experiencing material and rapid declines in the first quarter of 2020 followed by recoveries during the second quarter of 2020.
The Corporation is managing the risks associated with the COVID-19 pandemic utilizing its existing risk management framework. At
The duration and impact of the COVID-19 pandemic is unknown at this time. Economic damage and market weakness are being felt across the global economy. Significant economic headwinds are expected to continue in the second half of 2020 as a result of anticipated negative credit experiences, impairment of valuations in certain sectors of the economy and asset classes, and uncertainties in the durability and effectiveness of government and central bank interventions, among others. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Corporation and its operating subsidiaries in future periods.
Dividend on Power Corporation Participating Shares
The Board of Directors declared a quarterly dividend of 44.75 cents per share on the Participating Preferred Shares and the Subordinate Voting Shares of the Corporation, payable
Dividends on Power Corporation Non-Participating Preferred Shares
The Board of Directors also declared quarterly dividends on the Corporation's preferred shares, payable
Series | Stock Symbol | Amount | Series | Stock Symbol | Amount | |
1986 Series | POW.PR.F | Floating rate [1] | Series C | POW.PR.C | 36.25¢ | |
Series A | POW.PR.A | 35¢ | Series D | POW.PR.D | 31.25¢ | |
Series B | POW.PR.B | 33.4375¢ | Series G | POW.PR.G | 35¢ |
[1] | Equal to one quarter of 70% of the average prime rate of two major Canadian chartered banks for the period |
About
At
- 100% – Power Financial www.powerfinancial.com
- 66.9% – Great-West Lifeco (TSX: GWO) www.greatwestlifeco.com
- 62.1% – IGM Financial (TSX: IGM) www.igmfinancial.com
- 44.5% – Pargesa Holding (SIX: PARG) [1] www.pargesa.ch
- 83.6% – Wealthsimple Financial Corp. [2] www.wealthsimple.com
- Investment Platforms
- 100% – Sagard Holdings [3] www.sagardholdings.com
- 100% – Power Sustainable Capital www.powersustainable.com
- Power Pacific Investment Management www.powerpacificim.com
- Power Energy Corporation www.powerenergycorporation.com
- 27.8% – China AMC [4] www.chinaamc.com
[1] | Increased from 27.8% to 44.5% on |
[2] | Undiluted equity interest held by Lifeco, IGM and Power Financial. |
[3] | Includes the Corporation's interest in European private equity funds (formerly Sagard Europe). Refer to the Corporation's most recent MD&A for interest in the funds managed by |
[4] | IGM and the Corporation each hold a 13.9% interest in |
Earnings Summary
Earnings
(unaudited) | Three months ended | Six months ended | |||||
(in millions of Canadian dollars) | |||||||
2020 | 2019 | 2020 | 2019 | ||||
Adjusted net earnings [1] | |||||||
Power Financial | |||||||
Lifeco [2] | 470 | 419 | 832 | 803 | |||
IGM [2] | 108 | 113 | 205 | 220 | |||
Pargesa [2] | 42 | 93 | 121 | 139 | |||
Corporate operations of Power Financial | |||||||
Income (loss) from investments | 3 | − | (4) | (4) | |||
Operating and other expenses | (21) | (25) | (49) | (50) | |||
Dividends on perpetual preferred shares | (34) | (34) | (69) | (69) | |||
568 | 566 | 1,036 | 1,039 | ||||
Attributable to non-controlling interests of Power Financial [3] | − | 202 | 116 | 366 | |||
Corporation's share of Power Financial | 568 | 364 | 920 | 673 | |||
Other Investments [4] | (2) | 40 | 30 | 24 | |||
China AMC | 10 | 8 | 19 | 15 | |||
Corporate operations | (30) | (40) | (65) | (76) | |||
Dividends on non-participating shares | (13) | (13) | (26) | (26) | |||
Adjusted net earnings [5] | 533 | 359 | 878 | 610 | |||
Adjustments – see below | 133 | (81) | (12) | (40) | |||
Net earnings [5] | 666 | 278 | 866 | 570 |
[1] | Effective the first quarter of 2020, the Corporation introduced a modified definition of its Non-IFRS earnings measures, Adjusted net earnings. The comparative figures have been restated. For additional information, please refer to the Non-IFRS Financial Measures and Presentation section later in this news release. |
[2] | The contributions from Lifeco and IGM include an allocation of the results of |
[3] | The comparatives have been adjusted to reflect a corporate elimination on consolidation directly in the contribution from IGM. |
[4] | Includes earnings of the Corporation's investment platforms and earnings (losses) from |
[5] | Attributable to participating shareholders. |
Earnings per Share
(unaudited) | Three months ended | Six months ended | ||||||
(in dollars per share) | ||||||||
2020 | 2019 | 2020 | 2019 | |||||
Adjusted net earnings per share - basic [1] | ||||||||
Power Financial | ||||||||
Lifeco [2] | 0.70 | 0.62 | 1.23 | 1.17 | ||||
IGM [2] | 0.16 | 0.17 | 0.30 | 0.31 | ||||
Pargesa [2] | 0.06 | 0.14 | 0.14 | 0.20 | ||||
Corporate operations of Power Financial | (0.08) | (0.09) | (0.18) | (0.18) | ||||
0.84 | 0.84 | 1.49 | 1.50 | |||||
Other investments [3] | − | 0.10 | 0.05 | 0.06 | ||||
China AMC | 0.01 | 0.01 | 0.03 | 0.03 | ||||
Corporate operations and dividends on non-participating shares | (0.06) | (0.12) | (0.15) | (0.23) | ||||
Adjusted net earnings per share [4] | 0.79 | 0.83 | 1.42 | 1.36 | ||||
Adjustments – see below | 0.20 | (0.19) | (0.02) | (0.09) | ||||
Net earnings per share [4] | 0.99 | 0.64 | 1.40 | 1.27 | ||||
[1] | Effective the first quarter of 2020, the Corporation introduced a modified definition of its Non-IFRS earnings measures, Adjusted net earnings. The comparative figures have been restated. For additional information, please refer to the Non-IFRS Financial Measures and Presentation section later in this news release. |
[2] | The contributions from Lifeco and IGM include an allocation of the results of |
[3] | Includes earnings of the Corporation's investment platforms and earnings (losses) from |
[4] | Attributable to participating shareholders. |
Investment Platforms
(unaudited) | Three months ended | Six months ended | |||||
(in millions of Canadian dollars) | |||||||
2020 | 2019 | 2020 | 2019 | ||||
Asset management activities [1] | 1 | (13) | (4) | (20) | |||
Investment activities (proprietary capital) | (5) | 5 | 32 | 8 | |||
Investment activities (proprietary capital) | (7) | 49 | 43 | 52 | |||
Other | |||||||
Standalone businesses [2] | 5 | (20) | (39) | (34) | |||
Investment and hedge funds and other [3] | 4 | 19 | (2) | 18 | |||
(2) | 40 | 30 | 24 |
[1] | Includes management fees charged by the investment platform on proprietary capital. Management fees paid by the Corporation are deducted from income from investment activities. |
[2] | Includes the Corporation's share of earnings (losses) of |
[3] | Other consists mainly of foreign exchange gains or losses and interest on cash and cash equivalents. |
Adjustments (not included in adjusted net earnings)
(unaudited) | Three months ended | Six months ended | |||||
(in millions of Canadian dollars) | |||||||
2020 | 2019 | 2020 | 2019 | ||||
Share of Lifeco's adjustments: | |||||||
Actuarial assumption changes and management actions | 82 | 25 | 47 | 113 | |||
Market-related impacts | 23 | (4) | (77) | (32) | |||
Net charge on the sale, via reinsurance, of | − | (134) | − | (134) | |||
105 | (113) | (30) | (53) | ||||
Share of IGM's adjustments: | |||||||
Share of Lifeco's adjustments [1] | 4 | (4) | (1) | (2) | |||
4 | (4) | (1) | (2) | ||||
Share of Pargesa's adjustments: | |||||||
Imerys – Impairments, restructuring charges and other | (2) | (7) | (2) | (7) | |||
Parques and other charges | (1) | − | (2) | − | |||
(3) | (7) | (4) | (7) | ||||
106 | (124) | (35) | (62) | ||||
Attributable to non-controlling interests of Power Financial | − | (43) | 4 | (22) | |||
Corporation's share of Power Financial | 106 | (81) | (39) | (40) | |||
Other investments | |||||||
Recovery on deconsolidation of | 27 | − | 27 | − | |||
133 | (81) | (12) | (40) |
[1] | Includes IGM's share of Lifeco's Adjustments for the impact of actuarial assumption changes and management actions and market-related impacts on insurance contract liabilities, in accordance with the Corporation's definition of Adjusted net earnings. For additional information, please refer to the Non-IFRS Financial Measures and Presentation section later in this news release. |
Net Asset Value
Net asset value represents management's estimate of the fair value of the participating shareholders' equity of the Corporation. Net asset value is the fair value of the assets of the combined
The Corporation's net asset value per share was
(in millions of Canadian dollars, except per share amounts) |
|
| |||||
Combined non-consolidated balance sheet | Fair value adjustment | Net asset value | Combined non-consolidated balance sheet [1] | Fair value adjustment | Net asset value | ||
Assets | |||||||
Investments | |||||||
Power Financial [2] | |||||||
Lifeco | 13,933 | 829 | 14,762 | 13,654 | 6,976 | 20,630 | |
IGM | 2,778 | 2,102 | 4,880 | 2,729 | 2,786 | 5,515 | |
3,763 | (1,223) | 2,540 | 3,954 | (1,413) | 2,541 | ||
Other Power Financial investments | 193 | 134 | 327 | 203 | 127 | 330 | |
Other investments | |||||||
Asset management companies [4] | 164 | − | 164 | 153 | − | 153 | |
Investments [5] | 686 | − | 686 | 587 | − | 587 | |
Power Pacific | 850 | − | 850 | 739 | − | 739 | |
384 | 349 | 733 | 325 | 320 | 645 | ||
Other | 660 | 199 | 859 | 671 | 223 | 894 | |
China AMC [6] | 687 | − | 687 | 658 | − | 658 | |
Cash and cash equivalents | 1,362 | − | 1,362 | 1,392 | − | 1,392 | |
Other assets | 337 | − | 337 | 360 | − | 360 | |
Total assets | 25,797 | 2,390 | 28,187 | 25,425 | 9,019 | 34,444 | |
Liabilities and | |||||||
Debentures and other debt instruments | 1,027 | − | 1,027 | 933 | − | 933 | |
Other liabilities [7] | 1,083 | − | 1,083 | 1,024 | − | 1,024 | |
Non-participating shares and | 3,788 | − | 3,788 | 3,790 | − | 3,790 | |
Total liabilities and | 5,898 | − | 5,898 | 5,747 | − | 5,747 | |
Non-controlling interests | − | − | − | 6,464 | 3,050 | 9,514 | |
5,898 | − | 5,898 | 12,211 | 3,050 | 15,261 | ||
Net value | |||||||
Participating shareholders' | 19,899 | 2,390 | 22,289 | 13,214 | 5,969 | 19,183 | |
Per share | 29.43 | 32.96 | 30.98 | 44.98 |
[1] | In the second quarter of 2020, the Corporation modified the presentation of the asset management companies held by the investment platforms. For additional information, please refer to the Non-IFRS Financial Measures and Presentation below. |
[2] | Investments held by Power Financial have been presented on a look-through basis at |
[3] | As part of the Pargesa reorganization, |
[4] | The management companies of the investment funds are presented at their carrying value in accordance with IFRS. |
[5] | Includes investments in European private equity, formerly Sagard Europe. |
[6] | Valued at carrying value in accordance with IFRS. |
[7] | In accordance with IAS 12 Income taxes, no deferred tax liability is recognized with respect to temporary differences associated with investments in subsidiaries and jointly controlled corporations as the Corporation is able to control the timing of the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. If the Corporation were to dispose of an investment in a subsidiary or a jointly controlled corporation, income taxes payable on such disposition would be minimized through careful and prudent tax planning and structuring, as well as with the use of available tax attributes not otherwise recognized on the balance sheet, including tax losses, tax basis, safe income and foreign tax surplus associated with the subsidiary or jointly controlled corporation. |
Non-IFRS Financial Measures and Presentation
In the second quarter of 2020, the Corporation modified the presentation of the asset management companies held by the investment platforms. Previously, the asset management activities were consolidated and included as corporate activities within the non-consolidated balance sheet of the Corporation. Pursuant to the Corporation's recently announced strategy, the activities of each asset management company are now presented within their operations. The comparatives in the non-consolidated balance sheets and non-consolidated statement of cash flows have been restated to reflect this change.
Effective the first quarter of 2020, the Corporation introduced a modified definition of its non-IFRS earnings measure, Adjusted net earnings. This change is consistent with the introduction of base earnings (loss) by Lifeco which was introduced in the first quarter of 2020 to reflect management's view of the operating performance of Lifeco. Lifeco defines base earnings (loss) as net earnings excluding the impact of actuarial assumption changes and management actions, direct equity and interest rate market impacts on insurance contract liabilities net of hedging, and items that management believes are not indicative of the company's underlying business results. The definition of Adjustments includes what the Corporation previously presented as other items and also includes Lifeco's impact of actuarial assumption changes and management actions, and direct equity and interest rate market impacts on insurance contract liabilities net of hedging. The definition of Adjustments used in Adjusted net earnings is being adopted to enhance comparability of results between reporting periods and in anticipation of Lifeco's implementation of accounting changes related to IFRS 17, Insurance Contracts, on
Net earnings attributable to participating shareholders are comprised of:
- Adjusted net earnings attributable to participating shareholders; and
- Adjustments, which include the after-tax impact of any item that in management's judgment would make the period-over-period comparison of results from operations less meaningful. Adjustments include the Corporation's share of Lifeco's impact of actuarial assumption changes and management actions, direct equity and interest rate market impacts on insurance contract liabilities net of hedging, as well as items that management believes are not indicative of the underlying business results which include those identified by a subsidiary or a jointly controlled corporation.
Management uses these financial measures in its presentation and analysis of the financial performance of
Adjusted net earnings attributable to participating shareholders and adjusted net earnings per share are non-IFRS financial measures that do not have a standard meaning and may not be comparable to similar measures used by other entities.
The Corporation also uses a non-consolidated basis of presentation to present and analyze its results whereby the Corporation's interests in Power Financial and other subsidiaries are accounted for using the equity method. Presentation on a non-consolidated basis is a non-IFRS presentation. However, it is useful to the reader as it presents the holding company's (parent) results separately from the results of its operating subsidiaries.
Net asset value is commonly used by holding companies to determine their value. Net asset value is the fair value of
This news release may also contain other non-IFRS financial measures which are publicly disclosed by the Corporation's subsidiaries such as sales, assets under management and assets under administration. Refer to the "Non-IFRS Financial Measures and Presentation" section of the Corporation's most recent Management's Discussion and Analysis for the definition of non-IFRS financial measures and their reconciliation with IFRS financial measures.
Eligible Dividends
For purposes of the Income Tax Act (
Forward-Looking Statements
Certain statements in this news release, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect the Corporation's current expectations, or with respect to disclosure regarding the Corporation's public subsidiaries, reflect such subsidiaries' disclosed current expectations. Forward-looking statements are provided for the purposes of assisting the reader in understanding the Corporation's financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future and the reader is cautioned that such statements may not be appropriate for other purposes. These statements may include, without limitation, statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of the Corporation and its subsidiaries, including the fintech strategy, the expected impact of the COVID-19 pandemic on the Corporation and its subsidiaries' operations, results and dividends, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, the intended effects of the Reorganization (as defined herein), and the proposed redemption by the Corporation and Power Financial of certain classes of their Second Preferred Shares. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as "expects", "anticipates", "plans", "believes", "estimates", "seeks", "intends", "targets", "projects", "forecasts" or negative versions thereof and other similar expressions, or future or conditional verbs such as "may", "will", "should", "would" and "could".
By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which are beyond the Corporation's and its subsidiaries' control, affect the operations, performance and results of the Corporation and its subsidiaries and their businesses, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in
The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances, including the availability of cash to redeem Second Preferred Shares of the Corporation and Power Financial and that the list of factors in the previous paragraph, collectively, are not expected to have a material impact on the Corporation and its subsidiaries. While the Corporation considers these assumptions to be reasonable based on information currently available to management, they may prove to be incorrect.
Other than as specifically required by applicable Canadian law, the Corporation undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
Additional information about the risks and uncertainties of the Corporation's business and material factors or assumptions on which information contained in forward-looking statements is based is provided in its disclosure materials, including its most recent Management's Discussion and Analysis and Annual Information Form, filed with the securities regulatory authorities in
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