PrefBlog

AltaGas Ltd. has announced that it:

is providing updated and final pricing for the reset rates on its currently outstanding Cumulative Redeemable Five-Year Rate Reset Preferred Shares, Series G (the “Series G Shares”) (TSX: ALA.PR.G) and the Cumulative Redeemable Floating Rate Preferred Shares, Series H (the “Series H Shares”) (TSX: ALA.PR.H) as per the prospectus’ dated June 25, 2014. As disclosed in AltaGas’ August 30, 2024 News Release, the Company does not intend to exercise its right to redeem any or all of the currently outstanding Series G or Series H preferred shares on September 30, 2024 (the “Conversion Date”).

As 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 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. In addition, on the Conversion Date the holders of the Series H Shares have the right to convert all or part of their Series H Shares on a one-for-one basis into Series G Shares. Holders who do not exercise their right to convert their Series H Shares into Series G Shares will, subject to automatic conversion in the circumstances described below, retain their Series H Shares.

With respect to any Series G Shares that are 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, 2024 to, but excluding September 30, 2029, will be 6.017 percent. The new dividend rate is equal to the five-year Government of Canada bond yield of 2.957 percent (determined as of today’s final pricing) plus 3.060 percent. This dividend rate is slightly below the estimated dividend rate that was disclosed on August 30, 2024, to reflect the modest decrease in the five-year Government of Canada bond yield.

With respect to any Series H Shares that are outstanding after the Conversion Date, holders shall be entitled to receive, as and when declared by the Board of Directors of AltaGas, quarterly floating rate cumulative preferential cash dividends. The dividend rate applicable to the Series H Shares for the three-month floating rate period commencing on and including September 30, 2024 to, but excluding December 31, 2024, will be 7.265 percent (the “Floating Quarterly Dividend Rate”). This dividend rate is equal to the annual rate of interest for the most recent auction of 90-day Government of Canada treasury bills of 4.205 percent plus 3.060 percent. This dividend rate is unchanged from the rate disclosed in the August 30, 2024 News Release. The Floating Quarterly Dividend Rate will be reset every quarter.

AltaGas reminds the beneficial holders of Series G Shares and Series H Shares who wish to exercise their right of conversion to do so during the updated conversion period from August 31, 2024 to September 13, 2024 until 5:00 pm Eastern Time. As outlined in AltaGas’ August 30, 2024 News Release, beneficial holders should instruct their broker or other nominee to exercise such right accordingly.

ALA.PR.G was issued as a FixedReset, 4.75%+306, that commenced trading 2014-7-3 after being announced 2014-6-23. Notice of extension was announced 2019-8-29. The issue reset at 4.242% effective 2019-9-30. I recommended against conversion. News that some were converted was reported on 2019-9-24; there was, in fact a 14% conversion. A very confused notice of extension was issued on 2024-8-30 and resulted in an exchange of eMails with Investor Relations. The issue is tracked by HIMIPref™ but relegated to the Scraps subindex on credit concerns. In December, 2018, the issue was downgraded to Pfd-3(low) by DBRS and to P-3 by S&P. DBRS withdrew its rating in November 2021. S&P continues to rate the ALA preferreds at P-3.

ALA.PR.H is a FloatingReset, Bills+306, that arose through a 14% conversion from ALA.PR.G in September, 2019.

Thanks to Assiduous Reader IrateAR for bringing this to my attention.

As noted by Assiduous Reader DR, the company has used a GOC-5 yield of 2.957%, a lower rate than the other issues that reset on 2024-9-3:

Accordingly, I have sent the following eMail to Investor Relations:

I see that you have issued a new press release at https://www.altagas.ca/newsroom/news-releases/altagas-provides-final-pricing-and-dividend-reset-rates-series-g-and-series that corrects your erroneous press release of 2024-8-30 and assume that you also withdraw the information you supplied by eMail on 2024-9-3 (appended below).

However, the revised rate of 6.017% that you have announced implies, as noted in the 2024-9-3 press release, an underlying “five-year Government of Canada bond yield of 2.957 percent (determined as of today’s final pricing)”
I am perplexed by the wording of this information: you refer to the “today’s final pricing”, which is ambiguous regarding the precise time of the measurement. This seems a little odd because the yield you quote, 2.957%, differs from that used by Brookfield Corporation [2.973%, see https://bn.brookfield.com/press-releases/brookfield-announces-reset-dividend-rate-its-series-40-preference-shares ] and Transalta Corporation [also 2.973%, see https://transalta.com/newsroom/transalta-announces-dividend-rates-on-series-g-preferred-shares-and-series-h-preferred-shares/ ].

As you know “Government of Canada Yield” is a defined term in the prospectus:
““Government of Canada Yield” on any date means the yield to maturity on such date (assuming semi-annual compounding) of a Canadian dollar denominated non-callable Government of Canada bond with a term to maturity of five years as quoted as of 10:00 a.m. (Toronto time) on such date and that appears on the Bloomberg Screen GCAN5YR Page on such date; provided that if such rate does not appear on the Bloomberg Screen GCAN5YR Page on such date, then the Government of Canada Yield shall mean the arithmetic average of the yields quoted to AltaGas by two registered Canadian investment dealers selected by AltaGas as being the annual yield to maturity on such date, compounded semi-annually, that a non-callable Government of Canada bond would carry if issued, in Canadian dollars, at 100% of its principal amount on such date with a term to maturity of five years.”

The time of 10:00 a.m. on the Calculation Date is standard for all issues of the same type as ALA.PR.G.

Please let me know precisely how the rate of 2.957% that you used was calculated; if you could send me a screenshot of the applicable GCAN5YR Bloomberg page, that would be appreciated.

Sincerely,

Update, 2024-9-4: I received the following reply:

thanks for your follow up.

The rate quoted was pulled from Bloomberg for the 10 am EST timeline that is standard as you point out.

Here is the screenshot:

and the embedded image was:

Well, I don’t see anything on that image that says “10am”, but regret that I am insufficiently familiar with Bloomberg to know all the various conventions underlying their screen.

Update, 2024-9-6: I have responded to ALA’s Investor Relations with the following eMail:

Thank you for this, but I confess that I am perplexed by your claim that this represents the 10am EST time that is specified in the ALA.PR.G prospectus.

The time stamp near the upper left-hand corner is for 8:18, which is presumably Calgary time and therefore 10:18am EST, significantly after the claimed time. It is of interest that the yield reported in the fourth row of the screenshot (2.958%) differs slightly from that reported in the table (2.957%); it is not clear to me why one figure should be preferred over the other.

I have been advised that the HP (historical price) function for that page is reported for the current day as a snapshot of the then-current time, eighteen minutes-odd after the required time. The prior reset for this issue was also determined in an unusual way (see attached file, ALA_Bloomberg_190903A.jpg) but at least had the saving grace of a 10:00:18 timestamp.

I attach three other screenshots displaying various views of the GCAN5YR page that were available and used by various companies five years ago; I am confident that these, or equivalent, views remain accessible today. You will note that while Bloomberg reports slightly different results for each of the methods chosen, it is clear in each case that the data has been reported as of 10:00am.

Can you provide more support for your claim that this screenshot provides an accurate quote for “the 10 am EST timeline that is standard as you point out”?

Sincerely,

The four screenshots I attached were all taken from the post FixedReset Prospectuses Are Imprecise!.

I have no intention of taking this any further and going to war with the company – Assiduous Readers will have to take the data I’ve reported and do what they will with it!

Update, 2024-9-10: I have received the following from ALA Investor Relations:

Apologies for the confusion around the timestamp for the rate. To further clarify, we connected with the Treasury team and confirmed details. Attached is the Bloomberg screenshot that shows the pricing breakdown which was used for the pref reset. We utilized pricing for 10am EST using the 15 min interval price, which equates to 2.957% that was quoted as the Government of Canada 5-year bond rate in the press release dated September 3, 2024.

Let us know if you have any follow up.

The attached PDF may be inspected by CLICKING HERE.

Mulvihill Capital Management Inc. has announced (on 2024-8-30):

Premium Income Corporation (the “Fund”) is pleased to announce the Preferred Share distribution rate for the fiscal year beginning November 1, 2024, will increase to 8.50% from 5.75% on their $15.00 redemption value and will move to paying a monthly distribution from a quarterly distribution. Monthly distributions will be $0.10625 per share or $1.275 per share per annum.

Premium Income Corporation is a mutual fund corporation, which invests in a portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, and the Toronto Dominion Bank. The Fund employs an active covered call writing strategy to enhance the income generated by the portfolio and to reduce volatility. In addition, the Fund may write cash covered put options in respect of securities in which it is permitted to invest.

The investment portfolio of the Fund is managed by its investment manager, Mulvihill Capital Management Inc. The Fund’s Preferred and Class A shares are listed on Toronto Stock Exchange under the symbols PIC.PR.A and PIC.A respectively.

This represents an increase from the 5.75% that has been effective since the last extension in 2017.

PIC.PR.A is tracked by HIMIPref™ but is not considered eligible for recommendation as:

• No credit rating
• No NAV test on Capital Unit distributions
• Relatively thin asset coverage

As I always say – most recently on August 29, but that issue wasn’t even tracked:

This issue is unrated and will not be tracked by HIMIPref™. This is not because I worship the Credit Rating Agencies and am unable to do anything without them; it is because I feel that a public announcement by the CRAs of imminent downgrades do an admirable job of concentrating the minds of management and the directors on fixing the problem. Such announcements by Hymas Investment Management Inc. or Joe Blogger do not carry the same weight.

The recent comment by Assiduous Reader niagara is worth passing along:

Re PIC.PR.A

So there is only about 19.3% downside protection (based on Aug 30 NAVs), the capital shares are paid $0.80 in dividends per annum with no NAV trigger to pause dividends on the capital shares (please correct me if I am wrong about this) and now pref divvys of $1.275 per annum, so total div of $2.075 per annum for the fund. Huge grind here I would imagine.

Better hope that the bank shares do damn well and that the fund managers don’t give away all that upside by selling too many calls.

I will pass on this.

See HERE for a yield calculator and HERE for a credit quality calculator.

Thanks to Assiduous Reader newbiepref for bringing this to my attention.

Brookfield Corporation has announced:

that it has determined the fixed dividend rate on its Cumulative Class A Preference Shares, Series 40 (“Series 40 Shares”) (TSX: BN.PF.F) for the five years commencing October 1, 2024 and ending September 30, 2029.

If declared, the fixed quarterly dividends on the Series 40 Shares during the five years commencing October 1, 2024 will be paid at an annual rate of 5.833% ($0.3645625 per share per quarter).

Holders of Series 40 Shares have the right, at their option, exercisable not later than 5:00 p.m. (Toronto time) on September 16, 2024, to convert all or part of their Series 40 Shares, on a one-for-one basis, into Cumulative Class A Preference Shares, Series 41 (the “Series 41 Shares”), effective September 30, 2024. The quarterly floating rate dividends on the Series 41 Shares will be paid at an annual rate, calculated for each quarter, of 2.86% over the annual yield on three-month Government of Canada treasury bills. The actual quarterly dividend rate in respect of the October 1, 2024 to December 31, 2024 dividend period for the Series 41 Shares will be 1.78077% (7.065% on an annualized basis) and the dividend, if declared, for such dividend period will be $0.4451925 per share, payable on December 31, 2024.

Holders of Series 40 Shares are not required to elect to convert all or any part of their Series 40 Shares into Series 41 Shares.

As provided in the share conditions of the Series 40 Shares, (i) if Brookfield determines that there would be fewer than 1,000,000 Series 40 Shares outstanding after September 30, 2024, all remaining Series 40 Shares will be automatically converted into Series 41 Shares on a one-for-one basis effective September 30, 2024; and (ii) if Brookfield determines that there would be fewer than 1,000,000 Series 41 Shares outstanding after September 30, 2024, no Series 40 Shares will be permitted to be converted into Series 41 Shares. There are currently 11,841,025 Series 40 Shares outstanding.

The Toronto Stock Exchange (“TSX”) has conditionally approved the listing of the Series 41 Shares effective upon conversion. Listing of the Series 41 Shares is subject to Brookfield fulfilling all the listing requirements of the TSX.

BN.PF.F was issued as a FixedReset, 4.50%+286, that commenced trading 2014-6-5 under the ticker symbol BAM.PF.F after being announced 2014-5-27. The issue reset at 4.029% effective October 1, 2019. I recommended against conversion and there was no conversion. The ticker changed to BN.PF.F in late 2022. BN.PF.F is tracked by HIMIPref™ and is assigned to the FixedReset – Discount subindex.

Thanks to Assiduous Reader niagara for bringing this to my attention!

Update, 2024-10-2: No conversion (announced 2024-9-20):

Brookfield Corporation (NYSE: BN, TSX: BN) today announced that after having taken into account all election notices received by the deadline for the conversion of its Cumulative Class A Preference Shares, Series 40 (the “Series 40 Shares”) (TSX: BN.PF.F) into Cumulative Class A Preference Shares, Series 41 (the “Series 41 Shares”), there were 29,920 Series 40 Shares tendered for conversion, which is less than the one million shares required to give effect to conversion into Series 41 Shares. Accordingly, there will be no conversion of Series 40 Shares into Series 41 Shares and holders of Series 40 Shares will retain their Series 40 Shares.

TransAlta Corporation has announced:

the applicable dividend rates for its cumulative redeemable rate reset first preferred shares Series G (“Series G Shares”) (TSX: TA.PR.J) and cumulative redeemable floating rate first preferred shares Series H of the Company (“Series H Shares”).

With respect to any Series G Shares that remain outstanding after September 30, 2024, holders thereof will be entitled to receive quarterly fixed cumulative preferential cash dividends, if, as and when declared by the Board of Directors of TransAlta. The annual dividend rate for the Series G Shares for the five-year period from and including September 30, 2024, to but excluding September 30, 2029, will be 6.77300%, being equal to the five-year Government of Canada bond yield of 2.97300% determined as of today plus 3.80000%, in accordance with the terms of the Series G Shares.

With respect to any Series H Shares that may be issued on September 30, 2024, holders thereof will be entitled to receive quarterly floating rate cumulative preferential cash dividends, if, as and when declared by the Board of Directors of TransAlta. The annual dividend rate for the 3-month floating rate period from and including September 30, 2024, to but excluding December 31, 2024, will be 8.00500%, being equal to the annual rate for the most recent auction of 90-day Government of Canada Treasury Bills of 4.20500% plus 3.80000%, in accordance with the terms of the Series H Shares (the “Floating Quarterly Dividend Rate”). The Floating Quarterly Dividend Rate will be reset every quarter.

Beneficial owners of Series G Shares who wish to exercise their conversion right should communicate with their broker or other intermediary promptly to ensure their instructions are followed so that the registered holder of the Series G Shares can meet the deadline to exercise such conversion right, which is 3:00 p.m. (MDT) / 5:00 p.m. (EDT) on September 16, 2024.

TA.PR.J was issued as a FixedReset, 5.30%+380, that commenced trading 2014-8-14 after being announced 2014-8-6. The issue reset at 4.988% effective September 30, 2019. I recommended against conversion and there was no conversion. Notice of the 2024 extension was provided in August. The issue is tracked by HIMIPref™ and has been assigned to the Scraps index on credit concerns. It continues to be rated P-4(high by S&P but remains at Pfd-3(low) with DBRS.

Thanks to Assiduous Reader niagara for bringing this to my attention!

AltaGas Ltd. has announced (confusing bits bolded):

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) or the Cumulative Redeemable Floating Rate Preferred Shares, Series H (the “Series H Shares”) (TSX: ALA.PR.H) on September 30, 2024 (the “Conversion Date”).

As 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 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.

In addition, on the Conversion Date the holders of the Series H Shares have the right to convert all or part of their Series H Shares on a one-for-one basis into Series G Shares. Holders who do not exercise their right to convert their Series H Shares into Series G Shares will, subject to automatic conversion in the circumstances described below, retain their Series H Shares.

The foregoing conversion rights are 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, then all remaining Series H Shares will automatically be converted into Series G Shares on a one-for-one basis on the Conversion Date. There are currently 6,885,823 Series G Shares and 1,114,177 Series H Shares outstanding.

With respect to any Series G Shares that are 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, 2024 to, but excluding, September 30, 2029 will be 3.025 percent, being equal to the sum of the five-year Government of Canada bond yield determined as of today plus 3.060 percent.

With respect to any Series H Shares that are outstanding after the Conversion Date, holders shall be entitled to receive, as and when declared by the Board of Directors of AltaGas, quarterly floating rate cumulative preferential cash dividends. The dividend rate applicable to the Series H Shares for the three-month floating rate period commencing on and including September 30, 2024 to, but excluding, December 31, 2024 will be 4.205 percent, being equal to the sum of the annual rate of interest for the most recent auction of 90 day Government of Canada treasury bills plus 3.060 percent (the “Floating Quarterly Dividend Rate”). The Floating Quarterly Dividend Rate will be reset every quarter.

Beneficial holders of Series G Shares and Series H Shares who wish to exercise their right of conversion should instruct their broker or other nominee to exercise such right during the conversion period, which runs from August 31, 2024 until 5:00 p.m. (Toronto time) on September 15, 2024. It is recommended that this be done well in advance of the deadline in order to provide the broker or other intermediary with time to complete the necessary steps. Any notices received after this deadline will not be valid.

Subject to the terms and conditions of the Series G Shares and Series H Shares and AltaGas’ right to redeem such shares, holders of the Series G Shares and the Series H Shares will have the opportunity to convert their shares again on September 30, 2029, and every five years thereafter as long as the Series G Shares and Series H Shares remain outstanding.

The bolded parts of this press release are confusing: they don’t add up and as far as I can tell the reset rates will be set on Tuesday. To come to this conclusion, take a deep breath and go to the incredibly shitty SEDAR+ website, swear a lot and eventually find the document: “AltaGas Ltd. / AltaGas Ltd. (000050274) Prospectus (non pricing) supplement – English.pdf 25 Jun 2014 17:41 EDTJune 25 2014 at 17:41:08 Eastern Daylight Time Alberta 430 KB Generate URL”

Therein, we find:

“Fixed Rate Calculation Date” means, for any Subsequent Fixed Rate Period, the 30th day prior to the first day of such Subsequent Fixed Rate Period.

and

“Subsequent Fixed Rate Period” means, for the initial Subsequent Fixed Rate Period, the period from and including September 30, 2019 to, but excluding, September 30, 2024, and for each succeeding Subsequent Fixed Rate Period means the period from and including the day immediately following the last day of the immediately preceding Subsequent Fixed Rate Period to, but excluding, September 30 in the fifth year thereafter.

and

Business Day
If any day on which any dividend on the Series G Shares is payable by AltaGas or on or by which any other action is required to be taken by AltaGas is not a Business Day, then such dividend shall be payable and such other action may be taken on or by the next succeeding day that is a Business Day.

So the first day of the next “Subsequent Fixed Rate Period” is September 30, 2024. The “Fixed Rate Calculation Date” is thirty days prior to that, which is September 0, expressed more conventionally as August 31. August 31 is Saturday, hence not a business day, so the calculation is performed on the next business day, September 3.

So I believe the rate will be calculated Tuesday, after the long weekend, when we may hope that people at AltaGas have resumed thinking about what they’re doing.

I have sent the following eMail to Investor Relations:

Your press release at https://www.altagas.ca/newsroom/news-releases/altagas-provides-notice-series-g-and-series-h-preferred-shares-conversion contains the following sentence: “The new annual dividend rate applicable to the Series G Shares for the five-year period commencing on and including September 30, 2024 to, but excluding, September 30, 2029 will be 3.025 percent, being equal to the sum of the five-year Government of Canada bond yield determined as of today plus 3.060 percent.”

As the five-year Government of Canada bond yield is nowhere near -0.035%, I believe this to be an error. Further, I believe that the reset is actually to be calculated on Tuesday September 3, this being the business day following the 30th day prior to the reset date of September 30 – that is, August 31, a non-business day.

Please advise whether this is correct.

ALA.PR.G was issued as a FixedReset, 4.75%+306, that commenced trading 2014-7-3 after being announced 2014-6-23. Notice of extension was announced 2019-8-29. The issue reset at 4.242% effective 2019-9-30. I recommended against conversion. News that some were converted was reported on 2019-9-24; there was, in fact a 14% conversion. The issue is tracked by HIMIPref™ but relegated to the Scraps subindex on credit concerns. In December, 2018, the issue was downgraded to Pfd-3(low) by DBRS and to P-3 by S&P. DBRS withdrew its rating in November 2021. S&P continues to rate the ALA preferreds at P-3.

ALA.PR.H is a FloatingReset, Bills+306, that arose through a 14% conversion from ALA.PR.G in September, 2019.

Thanks to Assiduous Reader IrateAR for bringing this to my attention, and to Niagara for pointing out arithmetic errors.

Update, 2024-9-3: I have received the following communication from TA:

Apologies for the confusion, the rate applicable for the Series G shares is equal to the Government of Canada 5-year bond which is currently quoted at 3.025% plus the applicable spread of 3.06%. This would deliver a total rate of 6.085%.

The rate applicable for the Series H shares, is determined by adding the currently quoted Government of Canada 90-day T-bill rate of 4.205% plus the applicable spread of 3.06% for a total rate of 7.265%.

Further, to your question regarding the reset date, anything later than Aug 30 would be outside the minimum 30 day notice period. Hope this helps.

Please let us know if you have any further questions.

I have responded with the following query:

I refer you to the prospectus for ALA.PR.G, issued in June, 2014.

‘Subsequent Fixed Rate Period’ is a defined term:
“Subsequent Fixed Rate Period” means, for the initial Subsequent Fixed Rate Period, the period from and including September 30, 2019 to, but excluding, September 30, 2024, and for each succeeding Subsequent Fixed Rate Period means the period from and including the day immediately following the last day of the immediately preceding Subsequent Fixed Rate Period to, but excluding, September 30 in the fifth year thereafter.
Therefore, the first day of the next ‘Subsequent Fixed Rate Period’ is September 30, 2024.

‘Fixed Rate Calculation Date’ is also a defined term:
“Fixed Rate Calculation Date” means, for any Subsequent Fixed Rate Period, the 30th day prior to the first day of such Subsequent Fixed Rate Period.

Therefore the Fixed Rate Calculation Date applicable to the upcoming Subsequent Fixed Rate Period is August 31, 2024 – a Saturday and therefore not a business day.

There is also a specification of what happens when a scheduled action falls on a non-business day:
Business Day
If any day on which any dividend on the Series G Shares is payable by AltaGas or on or by which any other action is required to be taken by AltaGas is not a Business Day, then such dividend shall be payable and such other action may be taken on or by the next succeeding day that is a Business Day.

Therefore the action taken – calculating the rate applicable to the upcoming Subsequent Fixed Rate period is the next succeeding day that is a Business Day, which is today, September 3.

Can you please advise how your interpretation of the prospectus differs from the above?

I have not yet received an answer to my eMail. With respect to their claim about a 30 day notice period, the following paragraphs are in the prospectus:

AltaGas shall, not more than 60 days and not less than 30 days prior to the applicable Series G Conversion Date, give notice to the then registered holders of the Series G Shares of the conversion right. On the 30th day prior to each Series G Conversion Date, AltaGas shall give notice to the then registered holders of the Series G Shares of the Annual Fixed Dividend Rate for the Series G Shares for the next succeeding Subsequent Fixed Rate Period and the Floating Quarterly Dividend Rate for the Series H Shares for the next succeeding Quarterly Floating Rate Period.

…
Notice of any redemption of Series G Shares will be given by AltaGas not more than 60 days and not less than 30 days prior to the date fixed for redemption. If less than all of the outstanding Series G Shares are at any time to be redeemed, the shares so to be redeemed shall be redeemed pro rata (disregarding fractions).

So there has to be 30 days notice of the conversion right and 30 days notice of redemption; as far as I can tell, there is no notice period required for the announcement of the reset rates.

In 2019, they handled the situation by notifying of extension in late August and announcing the reset rate in September. It is not clear to me why they did not repeat this procedure last year; I will ask tomorrow if I have not received an answer to today’s query.