BUZZ-National Bank of Canada: Warns of Maple Financial writedown

Fri Oct 2, 2015 11:54am EDT
 
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** Canadian lender's shares fall as much as 6 pct to C$40.51; biggest intraday percentage fall in more than 5 years

** Says its investment in Canadian lender Maple Financial Group Inc "at risk of substantial loss" and could potentially be written down

** Nat'l Bank holds a 24.9 pct stake in Maple Financial: investment had a carrying value of C$165 mln as of Aug. 31

** Nat'l Bank to incur restructuring charge of about C$85 mln in Q4

** Credit Suisse cuts price target to C$50 from C$54

** Nat'l Bank to also raise C$300 mln ($227 mln) from offering of 7.2 mln common shares

** Offering priced at C$41.90/shr, a 2.9 pct discount to Thursday's close

** Offering size represents about 2 pct of total shares outstanding

** Bank says to cut "a few hundred" jobs to improve operational efficiency   Continued...