Emera Incorporated has announced:
that it has provided notice to the holders of its Cumulative 5-Year Rate Reset First Preferred Shares, Series A (the “Series A Shares”) and to the holders of its Cumulative Floating Rate First Preferred Shares, Series B (the “Series B Shares”) that 1,300 of its 4,866,814 issued and outstanding Series A Shares were tendered for conversion, on a one-for-one basis, into Series B Shares and that 569,430 of its 1,133,186 issued and outstanding Series B Shares were tendered for conversion, on a one-of-one basis, into Series A Shares.
Emera has also notified holders of its Series A Shares and Series B Shares, after having taken into account all shares tendered for conversion by holders of its Series A Shares and Series B Shares, as the case may be (collectively, the “Holders”), by the July 31, 2025 deadline for conversion notices, the Company has determined that there would be outstanding on August 15, 2025 (the “Conversion Date”) less than 1,000,000 Series B Shares. Therefore, in accordance with certain conditions set out in the Company’s prospectus supplement dated May 26, 2010, to the Company’s short form base shelf prospectus dated May 19, 2010 (collectively, the “Prospectus”), the Company has advised the Holders that no Series A Shares will be converted into Series B Shares and all remaining Series B Shares will automatically be converted into Series A Shares on a one-for-one basis on the Conversion Date.
Emera further announces that it will have 6,000,000 Series A Shares issued and outstanding after conversion on August 15, 2025. The Series A Shares will continue to be listed on the Toronto Stock Exchange (“TSX”) under the symbol EMA.PR.A. The Series B Shares will no longer be listed on the TSX after the Conversion Date.
Holders of Series A Shares will have the opportunity to convert their shares again on August 15, 2030, and every five years thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with, an investment in Series A Shares and Series B Shares, please see the Company’s Prospectus, which is available on SEDAR+ at www.sedarplus.ca.
EMA.PR.A was issued as a FixedReset, 4.40%+184, that commenced trading 2010-6-2 after being announced 2010-5-25. Extension was announced in 2015 and a reset to 2.555% announced. I receommended against conversion, but there was a 36% conversion to EMA.PR.B anyway. Notice of extension was provided on 2020-7-9. EMA.PR.A reset at 2.182% effective 2020-8-15 and there was a 17% net conversion to the FixedReset. The issue will reset to 4.951% effective 2025-8-15.
EMA.PR.B is a FloatingReset, Bills+184, that became extant in 2015 via a 36% conversion from EMA.PR.A.