Enbridge Announces Conversion Results for Series L Preferred Shares
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.
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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.
Details
News Market Reaction – ENB
The recorded move for ENB in the trading session of this news was +1.24%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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.
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.
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