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Canadian Utilities Limited Provides Series FF Preferred Shares Conversion Privilege and Dividend Rate Notice
Canadian Utilities Limited Provides Series FF Preferred Shares Conversion Privilege and D...
About this update from Canadian Utilities Limited Class A
[{"type":"text","content":"\n \n \n \n Canadian Utilities Limited Provides Series FF Preferred Shares Conversion Privilege and Dividend Rate Notice\n \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 Canada NewsWire\n \n \n CALGARY, AB, Nov. 2, 2020\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Nov. 2, 2020\n \n /CNW/ -\n \n Canadian Utilities Limited (TSX: CU) (TSX: CU.X)\n \n \n \n \n \n \n \n \n \n \n Canadian Utilities Limited announced today that it has notified the registered shareholder of its Cumulative Redeemable Second Preferred Shares Series FF (\"Series FF Preferred Shares\") of a conversion privilege and applicable dividend rates. As a result, subject to certain conditions, the holders of Series FF Preferred Shares will have the right to choose one of the following options with regard to their shares:\n \n \n \n To retain any or all of their Series FF Preferred Shares and continue to receive a fixed rate quarterly dividend; or\n \n \n To convert, on a one-for-one basis, any or all of their Series FF Preferred Shares into Cumulative Redeemable Second Preferred Shares Series GG (\"Series GG Preferred Shares\") of Canadian Utilities Limited and receive a floating rate quarterly dividend.\n \n \n \n Effective\n \n December 1, 2020\n \n , the annual dividend rate for the Series FF Preferred Shares is set at 4.50% for the five-year period from and including\n \n December 1, 2020\n \n to but excluding\n \n December 1, 2025\n \n and the dividend rate for the Series GG Preferred Shares is set at an annual rate of 3.78% for the three-month period commencing\n \n December 1, 2020\n \n to but excluding\n \n March 1, 2021\n \n . The dividend rate for the Series GG Preferred Shares will be reset each quarter. Both rates were calculated according to the terms described in the prospectus supplement of Canadian Utilities Limited dated\n \n September 16, 2015\n \n .\n \n \n Beneficial owners of Series FF Preferred Shares who wish to exercise their right of conversion should communicate as soon as possible with their broker or other nominee and ensure that they follow their instructions in order to m...