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AltaGas Ltd. Provides Notice of Series G Preferred Shares Conversion Right
AltaGas Ltd. Provides Notice of Series G Preferred Shares Conversion Right Canada ...
About this update from Altagas Ltd.
[{"type":"text","content":"\n\n\n\nAltaGas Ltd. Provides Notice of Series G Preferred Shares Conversion Right\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, Aug. 29, 2019\n\n\n\nCALGARY, Aug. 29, 2019 /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 G  (the \"Series G  Shares\") (TSX: ALA.PR.G) on September 30, 2019 (the \"Conversion Date\"). \nAs a result, subject to certain conditions, the holders of the Series G Shares have the right to convert all or part of their Series G Shares on a one-for-one basis into Cumulative Redeemable Floating Rate Preferred Shares, Series H (the \"Series H Shares\") on the Conversion Date. Holders who do not exercise their right to convert their Series G Shares into Series H Shares will, subject to automatic conversion in the circumstances described below, retain their Series G Shares.\nThe foregoing conversion right is 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 G Shares outstanding after the Conversion Date, then all remaining Series G Shares will automatically be converted into Series H 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 H Shares outstanding after the Conversion Date, no Series G Shares will be converted into Series H Shares. There are currently 8,000,000 Series G Shares outstanding.\nWith respect to any Series G Shares that remain outstanding after the Conversion Date, holders shall be entitled to receive, as and when declared by the Board of Directors of AltaGas, fixed cumulative preferential cash dividends, payable quarterly. The new annual dividend rate applicable to the Series G Shares for the five-year period commencing on and including September 30, 2019 to, but excluding, September 30, 2024 will be set and...