10^th March 2011 the Seylan Bank PLC announced to Colombo Stock Exchange that the Board of Directors of Seylan Bank PLC resolve to amend  the terms of fully paid preference shares of 3,390,100 reclassify and re designate as Redeemable, Non-cumulative, Non-convertible and Non-voting Preference shares.

The company further says; the redeemable price will be fixed by suitable qualified person, who is not interested or associated with the company or Board of Directors.

The Above reclassification and re designation is subjective to shareholder approvals at the general meeting

Source: http://www.cse.lk/cmt/upload_cse_announcements/1311300077128_.pdf

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