Enbridge Announces Conversion Results for Series D Preferred Shares

Rhea-AI Summary

Enbridge Inc. announced that none of its outstanding Cumulative Redeemable Preference Shares, Series D (Series D Shares) will convert into Series E Shares on March 1, 2023. The company received conversion notices from holders of Series D Shares, but fewer than the 1,000,000 Series D Shares needed for the conversion were tendered by the deadline of February 14, 2023. Enbridge continues to focus on connecting people to energy safely while investing in renewable energy technologies and aiming for net-zero greenhouse gas emissions by 2050.

Positive

• No conversions of Series D Shares lessen potential dilution of existing shareholders.

Negative

• Less than 1,000,000 Series D Shares tendered for conversion reflects lower shareholder interest.

CALGARY, AB, Feb. 14, 2023 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge) announced today that none of its outstanding Cumulative Redeemable Preference Shares, Series D (Series D Shares) will be converted into Cumulative Redeemable Preference Shares, Series E (Series E Shares) on March 1, 2023.

After taking into account all conversion notices received from holders of its outstanding Series D Shares by the February 14, 2023 deadline for the conversion of the Series D Shares into Series E Shares, less than the 1,000,000 Series D Shares required to give effect to conversions into Series E Shares were tendered for conversion.

About Enbridge Inc. 

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil or renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on two decades of experience in renewable energy to advance new technologies including wind and solar power, hydrogen, renewable natural gas and carbon capture and storage. We're committed to reducing the carbon footprint of the energy we deliver, and to achieving net zero greenhouse gas emissions by 2050. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com.

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SOURCE Enbridge Inc.

FAQ

What is the conversion result for Enbridge's Series D Shares announced on February 14, 2023?

None of Enbridge's Series D Shares will convert to Series E Shares as fewer than 1,000,000 were tendered by the deadline.

What is the deadline for Enbridge's Series D Shares conversion?

The conversion request deadline for Series D Shares was February 14, 2023.

When will the Series D Shares conversion take effect?

The Series D Shares conversion was set to take effect on March 1, 2023, but did not occur.

How many Series D Shares were needed for conversion into Series E Shares?

Enbridge required at least 1,000,000 Series D Shares to proceed with the conversion into Series E Shares.