HALIFAX, Nova Scotia--(BUSINESS WIRE)--
Emera Incorporated (“Emera” or the “Company”) (TSX: EMA) announced today
the applicable dividend rates for its Cumulative 5-Year Rate Reset First
Preferred Shares, Series A (the “Series A Shares”) and Cumulative
Floating Rate First Preferred Shares, Series B (the “Series B Shares”),
in each case, payable if, as and when declared by the Board of Directors
of the Company:
-
2.555% per annum on the Series A Shares ($0.1597 per Series A Share
per quarter), being equal to the sum of the Government of Canada bond
yield as at July 16, 2015, plus 1.84%, payable quarterly on the 15th
of February, May, August and November of each year during the
five-year period commencing on August 15, 2015 and ending on (and
inclusive of) August 14, 2020; and
-
2.393% on the Series B Shares of the Company (the “Series B Shares”)
for the three-month period commencing on August 15, 2015 and ending on
(and inclusive of) November 14, 2015 ($0.1508 per Series B Share for
the quarter), being equal to the sum of the three-month Government of
Canada treasury bill yield rate as at July 16, 2015, plus 1.84%
(calculated on the basis of the actual number of days elapsed during
the quarter divided by 365), payable on the 15th of November 2015. The
quarterly floating dividend rate will be reset every quarter.
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 Series B Shares on August 15, 2015 (the “Conversion Date”). 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 1,000,000
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, and
-
alternatively, if the Company determines that there would remain
outstanding less than 1,000,000 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.
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 5:00 p.m. (EDT) on July 31,
2015.
Inquiries should be directed to Emera Investor Services, at
1-800-358-1995 or 902-428-6060, or by email to investors@emera.com.
Forward Looking Information
This news release contains forward-looking information with respect to
Emera, the Series A Shares and the Series B Shares. By its nature,
forward-looking information requires Emera to make assumptions and is
subject to inherent risks and uncertainties. There is 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. Detailed information
about these assumptions, risks and uncertainties is included in Emera’s
securities regulatory filings, which can be found on SEDAR at www.sedar.com.
About Emera
Emera is a geographically diverse energy and services company
headquartered in Halifax, Nova Scotia with $10.19 billion in assets and
2014 revenues of $2.97 billion. The Company invests in electricity
generation, transmission and distribution, as well as gas transmission
and utility energy services. Emera's strategy is focused on the
transformation of the electricity industry to cleaner generation and the
delivery of that clean energy to market. Emera has investments
throughout northeastern North America, and in four Caribbean countries.
Emera continues to target having 75-85% of its adjusted earnings come
from rate-regulated businesses. Emera common and preferred shares are
listed on the Toronto Stock Exchange and trade under the symbols EMA,
EMA.PR.A, EMA.PR.C, EMA.PR.E, and EMA.PR.F. Additional Information can
be accessed at www.emera.com
or at www.sedar.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150716006283/en/
Investor Relations:
Scott LaFleur, 902-428-6375
Acting
Manager, Investor Relations
Scott.lafleur@emera.com
or
Media:
Neera
Ritcey, 902-223-2272
Manager, Corporate Communications
neera.ritcey@emera.com
www.emera.com
Source: Emera Incorporated