The Toronto-based financial management and insurance firm said it will issue eight million shares at $25 each to boost its cash position, retire debt and other purposes.

Holders of the series C preferred shares will be entitled to receive a cumulative quarterly fixed dividend yielding 5.75 per cent annually for the initial five year period ending December 31, 2014. After that, the dividend rate will reset every five years at the five-year Government of Canada bond yield plus 3.15 per cent.

The issue is expected to close on or about October 5.