Enbridge Announces Conversion Results for Series 3 Preferred Shares

Rhea-AI Summary

Enbridge Inc. (TSX: ENB) (NYSE: ENB) has announced the conversion results for its Series 3 Preferred Shares. 1,502,775 Series 3 Shares were tendered for conversion into Series 4 Shares on a one-for-one basis, effective September 1, 2024. Following this conversion, Enbridge will have 22,497,225 Series 3 Shares and 1,502,775 Series 4 Shares outstanding. The Series 3 Shares will continue trading on the Toronto Stock Exchange (TSX) under the symbol ENB.PR.Y. The TSX has conditionally approved the listing of the Series 4 Shares, which are expected to begin trading on September 3, 2024, subject to meeting all TSX listing requirements.

Positive

• Successful conversion of a portion of Series 3 Preferred Shares to Series 4 Shares
• Conditional approval from TSX for listing of new Series 4 Shares

Negative

• None.

News Market Reaction

-0.20%

1 alert

-0.20% News Effect

On the day this news was published, ENB declined 0.20%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

CALGARY, AB, Aug. 19, 2024 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) (Enbridge or the Company) announced today that 1,502,775 of its outstanding Cumulative Redeemable Preference Shares, Series 3 (Series 3 Shares) were tendered for conversion, on a one-for-one basis, into Cumulative Redeemable Preference Shares, Series 4 of Enbridge (Series 4 Shares), effective on September 1, 2024. As a result, on September 1, 2024, Enbridge will have 22,497,225 Series 3 Shares and 1,502,775 Series 4 Shares issued and outstanding.

The Series 3 Shares will continue to be listed on the Toronto Stock Exchange (TSX) under the symbol ENB.PR.Y. The TSX has conditionally approved the listing of the Series 4 Shares effective upon conversion. The Series 4 Shares will begin trading on the TSX on September 3, 2024, subject to the fulfillment of all the listing requirements of the TSX.

Forward-Looking Statements

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge, including statements with respect to the conversion of part of the Series 3 Shares into Series 4 Shares on September 1, 2024 and the listing of the Series 4 Shares on the TSX. This information may not be appropriate for other purposes. Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and on processes used to prepare the information, such statements are not guarantees of future events and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual events to differ materially from those expressed or implied by such statements.

Enbridge's forward-looking statements are subject to risks and uncertainties, including, but not limited to those risks and uncertainties discussed in this news release and in the Company's other filings with Canadian and United States securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on its behalf, are expressly qualified in their entirety by these cautionary statements.

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. We're advancing new technologies including hydrogen, renewable natural gas, carbon capture and storage. 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	Investment Community
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-3-preferred-shares-302225758.html

SOURCE Enbridge Inc.

FAQ

How many Enbridge Series 3 Preferred Shares were converted to Series 4 Shares?

1,502,775 Enbridge Series 3 Preferred Shares were converted to Series 4 Shares on a one-for-one basis.

When will the Enbridge Series 4 Preferred Shares begin trading on the TSX?

The Enbridge Series 4 Preferred Shares are expected to begin trading on the TSX on September 3, 2024, subject to meeting all listing requirements.

What is the new outstanding share count for Enbridge Series 3 and Series 4 Preferred Shares after the conversion?

After the conversion, Enbridge will have 22,497,225 Series 3 Shares and 1,502,775 Series 4 Shares outstanding.

What is the trading symbol for Enbridge Series 3 Preferred Shares on the TSX?

The Enbridge Series 3 Preferred Shares will continue to trade on the TSX under the symbol ENB.PR.Y.