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Enbridge Provides Notice of Series 3 Preferred Shares Conversion Right and Announces Reset Dividend Rates
Enbridge Provides Notice of Series 3 Preferred Shares Conversion Right and Announces Reset Divide...
About this update from Enbridge Inc.
[{"type":"text","content":"\n\n\n\n Enbridge Provides Notice of Series 3 Preferred Shares Conversion Right and Announces Reset Dividend Rates\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.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: TOP; TEXT-ALIGN: LEFT; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n CALGARY, AB\n \n\n ,\n \n\n Aug. 2, 2024\n \n\n /CNW/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced today that it does not intend to exercise its right to redeem its currently outstanding Cumulative Redeemable Preference Shares, Series 3 (Series 3 Shares) (TSX: ENB.PR.Y) on\n \n September 1, 2024\n \n . As a result, subject to certain conditions, the holders of the Series 3 Shares have the right to convert all or part of their Series 3 Shares on a one-for-one basis into Cumulative Redeemable Preference Shares, Series 4 of Enbridge (Series 4 Shares) on\n \n September 1, 2024\n \n . Holders who do not exercise their right to convert their Series 3 Shares into Series 4 Shares will retain their Series 3 Shares.\n \n\n The foregoing conversion right is subject to the conditions that: (i) if Enbridge determines that there would be less than 1,000,000 Series 3 Shares outstanding after\n \n September 1, 2024\n \n , then all remaining Series 3 Shares will automatically be converted into Series 4 Shares on a one-for-one basis on\n \n September 1, 2024\n \n ; and (ii) alternatively, if Enbridge determines that there would be less than 1,000,000 Series 4 Shares outstanding after\n \n September 1, 2024\n \n , no Series 3 Shares will be converted into Series 4 Shares. There are currently 24,000,000 Series 3 Shares outstanding.\n \n\n With respect to any Series 3 Shares that remain outstanding after\n \n September 1, 2024\n \n , holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, as and w...