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Power Financial Corporation Completes Purchase of Great-West Lifeco Subscription Receipts; Both Shares Down

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Power Financial Corporation (PWF.TO) announced today that it has completed, through a wholly owned subsidiary, the purchase of 21,410,000 subscription receipts of its subsidiary, Great-West Lifeco Inc. (Lifeco), from treasury by way of private placement at $25.70 per subscription receipt, representing $550,237,000 in total. The private placement was announced on February 19, 2013 in conjunction with the announcement by Lifeco of its acquisition of Irish Life Group Limited (Irish Life) and its $1.25 billion (48,660,000 subscription receipts) total issuance of subscription receipts by public offering and private placement to affiliates.

Great West is down 35 cents (1.28%) to $26.93.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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