INE.PR.A: No Conversion To FloatingReset

Innergex Renewable Energy Inc. has announced:

that after having taken into account all election notices received following the December 31, 2015 conversion deadline, in respect to the Cumulative Rate Reset Preferred Shares, Series A (“Series A Shares”) tendered for conversion into Cumulative Floating Rate Preferred Shares, Series B (“Series B Shares”), the holders of Series A Shares are not entitled to convert their shares. There were 357,543 Series A Shares tendered for conversion, which is fewer than the 1,000,000 shares required for the ability to proceed with the conversion, in accordance with the terms of the Series A Shares.

There are 3,400,000 Series A Shares listed on the Toronto Stock Exchange (TSX) under the symbol INE.PR.A. The dividend rate for the five year period commencing on January 15, 2016 to but excluding January 15, 2021 will be 3.608% or $0.2255 per share per quarter.

It will be recalled that I recommended against conversion and INE.PR.A will reset to 3.608% effective January 15.

Leave a Reply

You must be logged in to post a comment.