Enbridge Announces Conversion Results for Series R Preferred Shares

Rhea-AI Summary

Enbridge (TSX: ENB, NYSE: ENB) announced that no Cumulative Redeemable Preference Shares, Series R (Series R Shares) will be converted into Series S Shares on June 3, 2024. The company received fewer than the required 1,000,000 conversion notices by the May 17, 2024 deadline.

Enbridge operates extensive natural gas, oil, and renewable power networks across North America and Europe. The company is committed to reducing its carbon footprint and achieving net-zero greenhouse gas emissions by 2050.

Positive

• Enbridge maintains stability in its Series R Preferred Shares by not converting to Series S.
• The company is focused on modern energy infrastructure and renewable technologies.
• Commitment to net-zero greenhouse gas emissions by 2050 could attract ESG-focused investors.

Negative

• Failure to achieve the necessary conversion threshold may indicate investor interest in Series S Shares.
• Lack of conversion could imply potential liquidity issues for preferred shares.

CALGARY, AB, May 17, 2024 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge) announced today that none of its outstanding Cumulative Redeemable Preference Shares, Series R (Series R Shares) will be converted into Cumulative Redeemable Preference Shares, Series S (Series S Shares) on June 3, 2024.

After taking into account all conversion notices received from holders of its outstanding Series R Shares by the May 17, 2024 deadline for the conversion of the Series R Shares into Series S Shares, less than the 1,000,000 Series R Shares required to give effect to conversions into Series S 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 and 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 more than a century of operating conventional energy infrastructure and two decades of experience in renewable power to advance new technologies including 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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Media
Toll Free: (888) 992-0997
Email: media@enbridge.com 

Investment Community
Toll Free: (800) 481-2804
Email: investor.relations@enbridge.com

View original content:https://www.prnewswire.com/news-releases/enbridge-announces-conversion-results-for-series-r-preferred-shares-302149341.html

SOURCE Enbridge Inc.

FAQ

What did Enbridge announce about Series R Preferred Shares on May 17, 2024?

Enbridge announced that none of its Series R Preferred Shares will be converted into Series S Shares on June 3, 2024.

Why won't Enbridge's Series R Shares be converted into Series S Shares?

Fewer than the required 1,000,000 Series R Shares were tendered for conversion by the May 17, 2024 deadline.

What is the significance of Enbridge maintaining its Series R Shares?

Maintaining Series R Shares can indicate stability but may also suggest investor interest in the Series S Shares.

How does Enbridge plan to achieve net-zero greenhouse gas emissions?

Enbridge is investing in modern energy delivery infrastructure and advancing new technologies like hydrogen, renewable natural gas, and carbon capture.

What are the trading symbols for Enbridge?

Enbridge's common shares trade under the symbol ENB on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE).