Emera Incorporated Announces Conversion Privilege of Cumulative Rate Reset First Preferred Shares, Series F
HALIFAX, Nova Scotia--(BUSINESS WIRE)--Jan 7, 2020--
Emera Incorporated (“Emera” or the “Company”) (TSX: EMA) announced today that it does not intend to exercise its right to redeem all or any part of the currently outstanding Cumulative Rate Reset First Preferred Shares, Series F of the Company (the “Series F Shares”) on February 15, 2020. There are currently 8,000,000 Series F Shares outstanding.
Subject to certain conditions set out in the prospectus supplement of the Company dated June 2, 2014, to the short form base shelf prospectus dated May 2, 2013, relating to the issuance of the Series F Shares, the holders of the Series F Shares have the right, at their option, to convert all or any of their Series F Shares, on a one-for-one basis, into Cumulative Floating Rate First Preferred Shares, Series G of the Company (the “Series G Shares”) on February 15, 2020 (the “Conversion Date”).
On such date, holders who do not exercise their right to convert their Series F Shares into Series G Shares will continue to hold their Series F Shares.
The foregoing conversion right is subject to the following:
In either case, Emera will give written notice to that effect to holders of Series F Shares no later than February 8, 2020.
The dividend rate applicable for the Series F Shares for the five-year period commencing on February 15, 2020 and ending on (and inclusive of) February 14, 2025, and the dividend rate applicable to the Series G Shares for the 3-month period commencing on February 15, 2020 and ending on (and inclusive of) May 14, 2020, will be determined on January 16, 2020 and notice of such dividend rates shall be provided to the holders of the Series F Shares on that day.
Beneficial owners of Series F Shares who wish to exercise their conversion right should communicate with their broker or other nominee to obtain instructions for exercising such right during the conversion period, which runs from January 16, 2020 until 5:00 p.m. (EDT) on January 31, 2020.
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR at www.sedar.com.
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $32 billion in assets and 2018 revenues of more than $6.5 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20200107006088/en/
CONTACT: Investor Relations:
Ken McOnie, 902‐428‐6945
Scott Hastings, 902-474-4787
KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: ENERGY UTILITIES OIL/GAS
SOURCE: Emera Inc.
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PUB: 01/07/2020 05:30 PM/DISC: 01/07/2020 05:30 PM