CPE News (11.17.2022) – Power Financial Corporation has filed a preliminary short form base shelf prospectus with securities regulators pursuant to which Power Financial, may from time to time offer and issue debt securities, or first preferred shares, or any combination thereof.
Maximum offering under the prospectus is $3 billion. Use of proceeds will be described in the Prospectus Supplement relating to the specific issuance of securities when in effect of any offering.
Power Corporation of Canada, the parent company of Power Financial Corporation, has also filed a short form base shelf prospectus to issue debt securities (unsecured), or subordinate voting shares, or first preferred shares or subscription receipts. Power Corporation of Canada did not specify the maximum amount it plans to raise.
As at September 30, 2022, Power Financial, Portag3 Ventures Limited Partnership, IGM Financial Inc. collectively held, through a limited partnership controlled by Power Financial, an undiluted equity interest in Wealthsimple of 54.4% (13.6%, 10.8% and 30.0% respectively), for an aggregate undiluted equity interest of 54.4%, representing a voting interest of 56.5% and a fully diluted equity interest of 42.5%.
Portage Ventures, the venture capital arm of Sagard Holdings Inc., a subsidiary of Power, manages Power Financial’s fintech investments which are comprised of investments, together with Great-West Lifeco, IGM and Sagard, in Portag3 Ventures Limited Partnership, Portag3 Ventures II Limited Partnership, Portage Ventures III Limited Partnership, Wealthsimple, and newly launched late-stage fintech-focused fund, Portage Capital Solutions.
photo credit: Power Corporation of Canada