HALIFAX, Nova Scotia--(BUSINESS WIRE)--
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 C of the Company (the “Series C Shares”) on August 15,
2018. There are currently 10,000,000 Series C Shares outstanding.
Subject to certain conditions set out in the prospectus supplement of
the Company dated May 31, 2012, to the amended and restated short form
base shelf prospectus dated February 18, 2011, relating to the issuance
of the Series C Shares, the holders of the Series C Shares have the
right, at their option, to convert all or any of their Series C Shares,
on a one-for-one basis, into Cumulative Floating Rate First Preferred
Shares, Series D of the Company (the “Series D Shares”) on August 15,
2018 (the “Conversion Date”).
On such date, holders who do not exercise their right to convert their
Series C Shares into Series D Shares will continue to hold their Series
C Shares.
The foregoing conversion right is subject to the following:
1. if the Company determines that there would be less than 1,000,000
Series D Shares outstanding on the Conversion Date, then holders of
Series C Shares will not be entitled to convert their shares into Series
D Shares, and
2. alternatively, if the Company determines that there would remain
outstanding less than 1,000,000 Series C Shares on the Conversion Date,
then all remaining Series C Shares will automatically be converted into
Series D 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 C Shares no later than August 8, 2018.
The dividend rate applicable for the Series C Shares for the five-year
period commencing on August 15, 2018 and ending on (and inclusive of)
August 14, 2023, and the dividend rate applicable to the Series D Shares
for the 3-month period commencing on August 15, 2018 and ending on (and
inclusive of) November 14, 2018, will be determined on July 16, 2018 and
notice of such dividend rates shall be provided to the holders of the
Series C Shares on that day.
Beneficial owners of Series C 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, 2018 until 5:00 p.m. (EDT) on July 31,
2018.
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 “Enterprise Risk and
Risk Management” in Emera’s annual Management’s Discussion and Analysis,
and under the heading “Principal Financial Risks and Uncertainties” in
the notes to Emera’s annual financial statements, 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 approximately $29 billion in
assets and 2017 revenues of more than $6 billion. The company invests in
electricity generation, transmission and distribution, gas transmission
and distribution, and utility energy services 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 continues to target achieving a minimum of 75% of its adjusted net
income from rate‐regulated businesses. 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/20180706005438/en/
Emera Inc.
Investor Relations:
Ken McOnie,
902‐428‐6945
Ken.McOnie@emera.com
or
Media:
Kathy
Purcell, 902‐221‐1148
kathy.purcell@emera.com
www.emera.com
Source: Emera Inc.