Enbridge Announces Conversion Results for Series L Preferred Shares

Rhea-AI Summary

On August 17, 2022, Enbridge announced that none of its outstanding Cumulative Redeemable Preference Shares, Series L will convert into Series M Shares on September 1, 2022. The company received less than 1,000,000 Series L Shares needed for the conversion before the August 17 deadline. Enbridge, headquartered in Calgary, focuses on connecting people to energy while investing in sustainable infrastructure and advancing renewable technologies to achieve net-zero emissions by 2050.

Positive

• Investment in modern energy infrastructure.
• Commitment to achieving net-zero greenhouse gas emissions by 2050.

Negative

• Insufficient interest in Series L Shares conversion, indicating potential investor disengagement.

CALGARY, AB, Aug. 17, 2022 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge) announced today that none of its outstanding Cumulative Redeemable Preference Shares, Series L (Series L Shares) will be converted into Cumulative Redeemable Preference Shares, Series M of Enbridge (Series M Shares) on September 1, 2022.

After taking into account all conversion notices received from holders of its outstanding Series L Shares by the August 17, 2022 deadline for the conversion of the Series L Shares into Series M Shares, less than the 1,000,000 Series L Shares required to give effect to conversions into Series M Shares were tendered for conversion.

About Enbridge

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, Alta., 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

FOR FURTHER INFORMATION PLEASE CONTACT:

Media                                                                          Investment Community
Jesse Semko                                                              Jonathan Morgan
Toll Free: (888) 992-0997                                           Toll Free: (800) 481-2804
Email: media@enbridge.com                                     Email: investor.relations@enbridge.com

View original content:https://www.prnewswire.com/news-releases/enbridge-announces-conversion-results-for-series-l-preferred-shares-301608069.html

SOURCE Enbridge Inc.

FAQ

What was the result of Enbridge's Series L Shares conversion?

None of the outstanding Series L Shares were converted to Series M Shares as less than 1,000,000 were tendered by the August 17, 2022 deadline.

What date was the conversion for Enbridge's Series L Shares scheduled?

The conversion was scheduled for September 1, 2022.

What is Enbridge's commitment regarding greenhouse gas emissions?

Enbridge is committed to achieving net zero greenhouse gas emissions by 2050.

Where is Enbridge headquartered?

Enbridge is headquartered in Calgary, Alberta.

On which stock exchanges does Enbridge trade?

Enbridge trades on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE) under the symbol ENB.