20:05:57 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Emera Inc
Symbol EMA
Shares Issued 144,784,855
Close 2015-07-03 C$ 39.69
Market Cap C$ 5,746,510,895
Recent Sedar Documents

Emera to not redeem Series A preferreds

2015-07-03 07:48 ET - News Release

Mr. Scott LaFleur reports

EMERA INCORPORATED ANNOUNCES CONVERSION PRIVILEGE OF CUMULATIVE 5-YEAR RATE RESET FIRST PREFERRED SHARES, SERIES A

Emera Inc. does not intend to exercise its right to redeem all or any part of the currently outstanding cumulative five-year rate-reset first preferred shares, Series A, of the company on Aug. 15, 2015. There are currently six million Series A shares outstanding.

Subject to certain conditions set out in the prospectus supplement of the company dated May 26, 2010, to the short-form base shelf prospectus, dated May 19, 2010, relating to the issuance of the Series A shares, the holders of the Series A shares have the right, at their option, to convert all or any of their Series A shares, on a one-for-one basis, into cumulative floating-rate first preferred shares, Series B, of the company on Aug. 15, 2015.

On such date, holders who do not exercise their right to convert their Series A shares into Series B shares will continue to hold their Series A shares.

The foregoing conversion right is subject to the following:

If the company determines that there would be less than one million Series B shares outstanding on the conversion date, then holders of Series A shares will not be entitled to convert their shares into Series B shares.

Alternatively, if the company determines that there would remain outstanding less than one million Series A shares on the conversion date, then all remaining Series A shares will automatically be converted into Series B shares on a one-for-one basis on the conversion date.

In either case, Emera will give written notice to that effect to holders of Series A shares no later than Aug. 10, 2015.

The dividend rate applicable for the Series A shares for the five-year period commencing on Aug. 15, 2015, and ending on (and inclusive of) Aug. 14, 2020, and the dividend rate applicable to the Series B shares for the three-month period commencing on Aug. 15, 2015, and ending on (and inclusive of) Nov. 14, 2015, will be determined on July 16, 2015, and notice of such dividend rates shall be provided to the holders of the Series A shares on that day.

Beneficial owners of Series A 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 July 16, 2015, until 5 p.m. Eastern Daylight Time on July 31, 2015.

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.