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AltaGas Ltd. Provides Notice of Series A and Series B Preferred Shares Conversion Rights and Dividend Rates
AltaGas Ltd. Provides Notice of Series A and Series B Preferred Shares Conversion Rights a...
About this update from Altagas Ltd.
[{"type":"text","content":"\n\n\n\nAltaGas Ltd. Provides Notice of Series A and Series B Preferred Shares Conversion Rights and Dividend Rates\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, AB, Aug. 31, 2020\n\n\n\nCALGARY, AB, Aug. 31, 2020 /CNW/ - AltaGas Ltd. (\"AltaGas\") (TSX: ALA) announced today that it does not intend to exercise its right to redeem any or all of its currently outstanding Cumulative Redeemable Five-Year Rate Reset Preferred Shares, Series A  (the \"Series A  Shares\") (TSX: ALA.PR.A)  or the Cumulative Redeemable Floating Rate Preferred Shares, Series B (the \"Series B Shares\") (TSX: ALA.PR.B) on September 30, 2020 (the \"Conversion Date\"). \nAs a result, subject to certain conditions, the holders of the Series A Shares have the right to convert all or part of their Series A Shares on a one-for-one basis into Series B Shares on the Conversion Date. Holders who do not exercise their right to convert their Series A Shares into Series B Shares will, subject to automatic conversion in the circumstances described below, retain their Series A Shares.\nIn addition, on the Conversion Date the holders of the Series B Shares have the right to convert all or part of their Series B Shares on a one-for-one basis into Series A Shares. Holders who do not exercise their right to convert their Series B Shares into Series A Shares will, subject to automatic conversion in the circumstances described below, retain their Series B Shares.\nThe foregoing conversion rights are subject to the conditions that: (i) if AltaGas determines that after giving effect to all conversions there would be less than 1,000,000 Series A Shares outstanding after 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; and (ii) if AltaGas determines that after giving effect to all conversions there would be less than 1,000,000 Series B Shares outstanding after the Conversion Date, then all remaining Series B Shares will automatically be converted into Series A Shares ...