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Emera Incorporated Announces Conversion of Preferred Shares

Strategic Insights

— 1 min read

Emera Incorporated has announced that it will be converting certain of its preferred shares, citing the expiration of a conversion deadline. The company has notified holders of its Cumulative 5-Year Rate Reset First Preferred Shares, Series A and Cumulative Floating Rate First Preferred Shares, Series B that a significant number of shares had been tendered for conversion. However, due to the low number of Series B Shares remaining, the company has decided to reissue all remaining Series B Shares into Series A Shares.

Key Takeaways:

  • Emera Incorporated has provided notice to holders of its Cumulative 5-Year Rate Reset First Preferred Shares, Series A and Cumulative Floating Rate First Preferred Shares, Series B regarding the conversion of shares.
  • 1,300 Series A Shares were tendered for conversion into Series B Shares, and 569,430 Series B Shares were tendered for conversion into Series A Shares.
  • Due to fewer than 1,000,000 Series B Shares remaining, the company has announced that no Series A Shares will be converted into Series B Shares.
  • All remaining Series B Shares will be automatically converted into Series A Shares on a one-for-one basis on the Conversion Date.
  • The company will have 6,000,000 Series A Shares issued and outstanding after conversion on August 15, 2025.
  • The Series B Shares will no longer be listed on the Toronto Stock Exchange after the Conversion Date.
  • The prospectus supplement dated May 26, 2010, and the short form base shelf prospectus dated May 19, 2010, set out the conditions for the conversion.

Statistics:

  • Number of Series A Shares tendered for conversion: 1,300
  • Number of Series B Shares tendered for conversion: 569,430
  • Number of Series A Shares to be issued after conversion: 6,000,000
  • Number of Series B Shares remaining after conversion: less than 1,000,000

Sources:

  • Emera Incorporated press release, dated [July 31, 2025]
  • Emera Incorporated prospectus supplement, dated May 26, 2010
  • Emera Incorporated short form base shelf prospectus, dated May 19, 2010

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