Emera Incorporated Announces Conversion Privilege of Cumulative Rate Reset First Preferred Shares, Series A and Cumulative Floating Rate First Preferred Shares, Series B
HALIFAX, Nova Scotia — Emera Incorporated ('Emera' or the 'Company') (TSX/ NYSE: EMA) announced today that it does not intend to exercise its right to redeem all or any part of the currently outstanding Cumulative Rate Reset First Preferred Shares, Series A (the 'Series A Shares') or the Cumulative Floating Rate First Preferred Shares, Series B (the 'Series B Shares') of the Company on August 15, 2025. There are currently 4,866,814 Series A Shares and 1,133,186 Series B Shares outstanding.
Article content
As a result, subject to certain conditions set out in the prospectus supplement of the Company dated May 26, 2010, to the short form base shelf prospectus of the Company dated May 19, 2010, relating to the issuance of the Series A Shares and Series B Shares (collectively, the 'Prospectus'), on August 15, 2025 (the 'Conversion Date'):
Article content
Article content
(a) the holders of Series A Shares have the right, at their option:
Article content
(b) the holders of Series B Shares have the right, at their option:
Article content
to retain any or all of their Series B Shares and continue to receive a floating rate quarterly dividend; or
to convert any or all of their Series B Shares, on a one-for-one basis, into Series A Shares and receive a fixed rate quarterly dividend.
Article content
The conversion of Series A Shares is subject to the conditions that: (i) if the Company determines, after having taken into account all shares tendered for conversion by holders of Series A Shares, that there would remain outstanding on the Conversion Date less than 1,000,000 Series A Shares, all remaining Series A Shares will automatically be converted into Series B Shares on a one-for-one basis on the Conversion Date, and (ii) alternatively, if the Company determines that, after conversion, there would remain outstanding on the Conversion Date less than 1,000,000 Series B Shares, then no Series A Shares will be converted into Series B Shares.
Article content
The conversion of Series B Shares is subject to the conditions that: (i) if the Company determines, after having taken into account all shares tendered for conversion by holders of Series B Shares, that there would remain outstanding on the Conversion Date less than 1,000,000 Series B Shares, all remaining Series B Shares will automatically be converted into Series A Shares on a one-for-one basis on the Conversion Date, and (ii) alternatively, if the Company determines that, after conversion, there would remain outstanding on the Conversion Date less than 1,000,000 Series A Shares, then no Series B Shares will be converted into Series A Shares.
Article content
In either case, Emera will give written notice to that effect to the holders of Series A Shares and the holders of Series B Shares at least seven days prior to the Conversion Date, subject to the terms set out in the Prospectus.
Article content
The dividend rate applicable for the Series A Shares for the five-year period commencing on August 15, 2025, and ending on (and inclusive of) August 14, 2030, and the dividend rate applicable to the Series B Shares for the 3-month period commencing on August 15, 2025, and ending on (and inclusive of) November 14, 2025, will be determined on July 16, 2025. Notice of such dividend rates shall be provided to the holders of the Series A Shares and the holders of the Series B Shares on that day.
Article content
Holders of Series A Shares or Series B Shares who wish to exercise their conversion right should communicate with their broker or other nominee to obtain instructions for exercising such right during the conversion period, which runs from July 16, 2025, until 5:00 p.m. (EDT) on July 31, 2025. Notices received after this deadline will not be valid. As such, it is recommended that this be done well in advance of the deadline in order to provide their broker or other nominee with adequate time to complete the necessary steps.
Article content
Holders of Series A Shares who do not provide notice or communicate with their broker or other nominee by the deadline will retain their Series A Shares and receive the new annual fixed dividend rate applicable to the Series A Shares, subject to the conditions stated above. Holders of Series B Shares who do not provide notice or communicate with their broker or other nominee by the deadline will retain their Series B Shares and receive the floating rate quarterly dividend applicable to the Series B Shares, subject to the conditions stated above.
Article content
Holders of Series A Shares and Series B Shares will have the opportunity to convert their shares again on August 15, 2030, and every five years thereafter as long as the shares remain outstanding. For more information on the terms of, and risks associated with, an investment in Series A Shares and Series B Shares, please see the Company's Prospectus, which is available on SEDAR+ at www.sedarplus.ca.
Forward Looking Information
Article content
This news release contains forward-looking information within the meaning of applicable securities laws, including without limitation, statements about the Series A Shares and Series B Shares. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management's current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward- looking information will not prove to be accurate, that Emera's assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera's securities regulatory filings, including under the heading 'Enterprise Risk and Risk Management' in Emera's annual Management's Discussion and Analysis, and under the heading 'Principal Financial Risks and Uncertainties' in the notes to Emera's annual and interim financial statements, which can be found on SEDAR+ at www.sedarplus.ca or on EDGAR at www.sec.gov.
Article content
Emera (TSX/NYSE: EMA) is a leading North American provider of energy services headquartered in Halifax, Nova Scotia, with investments in regulated electric and natural gas utilities, and related businesses and assets. The Emera family of companies delivers safe, reliable energy to approximately 2.6 million customers in the United States, Canada and the Caribbean. Our team of 7,600 employees is committed to our purpose of energizing modern life and delivering a cleaner energy future for all. Emera's common and preferred shares are listed and trade on the Toronto Stock Exchange and its common shares are listed and trade on the New York Stock Exchange. Additional information can be accessed at www.emera.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.
Article content
Article content
Article content
Article content
Contacts
Article content
Emera Inc.
Article content
Article content
Investor Relations
Article content
Article content
Article content
902-474-2126
Article content
Article content
Article content
Article content
Article content
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
25 minutes ago
- Globe and Mail
International Petroleum Corporation to release Second Quarter 2025 Financial and Operational Results on August 5, 2025
TORONTO, July 31, 2025 (GLOBE NEWSWIRE) -- International Petroleum Corporation (IPC) (TSX, Nasdaq Stockholm: IPCO) will publish its financial and operating results and related management's discussion and analysis for the three and six months ended June 30, 2025, on Tuesday, August 5, 2025 at 07:30 CEST, followed by an audiocast at 09:00 CEST. Listen to William Lundin, President and CEO, and Christophe Nerguararian, CFO, commenting on the second quarter 2025 financial and operating results and the latest developments from IPC. Follow the presentation live starting at 09:00 CEST on Tuesday, August 5, 2025 on or using the link or dial-in details below: Presentation Link: International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC's shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm under the symbol 'IPCO'. For further information, please contact: Rebecca Gordon SVP Corporate Planning and Investor Relations Tel: +41 22 595 10 50 Or Robert Eriksson Media Manager reriksson@ Tel: +46 701 11 26 15 Forward-Looking Statements This press release contains statements and information which constitute 'forward-looking statements' or 'forward-looking information' (within the meaning of applicable securities legislation). Such statements and information (together, 'forward-looking statements') relate to future events, including the Corporation's future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as 'seek', 'anticipate', 'plan', 'continue', 'estimate', 'expect', 'may', 'will', 'project', 'forecast', 'predict', 'potential', 'targeting', 'intend', 'could', 'might', 'should', 'believe', 'budget' and similar expressions) are not statements of historical fact and may be 'forward-looking statements'.
CBC
26 minutes ago
- CBC
Gaza's hunger crisis + Duty-free fears
The National takes a closer look at the rapidly deteriorating hunger crisis in Gaza and the significance of Canada's plan to recognize a Palestinian state. And family-run duty-free shops fear Trump's trade war will put them out of business.
CBC
26 minutes ago
- CBC
As Detroit 3 automakers report tariff blows, experts say a trade deal is the only solution
The Detroit Three automakers are taking a big hit from the Trump administration's tariffs, and industry experts say only one thing can stop the bleeding for the North American auto industry — a trade deal with low tariff rates for the industry. General Motors, Ford and Stellantis have all reported tariff impacts in the billions on recent earnings calls. Ford said on Wednesday that it took an $800-million US (about $1.1 billion Cdn) hit for the second quarter as a result of tariffs. Ford CEO Jim Farley said the company is in daily contact with the White House, with an ultimate goal of reducing its tariff costs, especially on parts tariffs. "We see there's a lot of upside depending on how the negotiation goes with the administration," Farley said. This comes after General Motors said last week that tariffs cost the company $1.1 billion US (about $1.52 billion Cdn) in its second quarter. Chief financial officer Paul Jacobson said the tariff impact for the full year could reach $4 or $5 billion US, though GM is working to offset that with "manufacturing adjustments, targeted cost initiatives and consistent pricing." "Over time, we remain confident that our total tariff expense will come down as bilateral trade deals emerge and our sourcing and production adjustments are implemented," Jacobson said on the company's quarterly earnings call. On its own earnings call on Tuesday, Stellantis also said tariffs were having a major impact, and could add up to the tune of 1.5 billion euros (about $2.4 billion Cdn) this year. Since April, a 25 per cent tariff rate on all finished cars going into the U.S. has applied, regardless of what country they're made in. But under the Canada-United States-Mexico trade agreement (CUSMA), that rate only applies to the non-U.S. content of a car. So far, that cost hasn't made its way into car prices — GM said pricing "remains stable" for the second quarter, and added pricing assumptions for North America for the rest of the year are unchanged. Ford also said it expected net pricing to remain "flat." Industry analyst Sam Fiorani said it isn't entirely surprising that companies are choosing to eat the cost of tariffs thus far. "The car companies can't really push the tariffs through directly yet, because we're in this period of flux, we don't know what the end point will be," Fiorani said. Raising prices by 10 or 15 per cent for now and then lowering them if tariffs come back down isn't an option, he explained, because any customers who just bought the car when it was at the higher rate would be upset with the change. If they do raise any prices, that would have to be longer term. Autoworkers feeling the impact While folks buying cars have been spared the cost of tariffs for the time being, workers in the auto industry haven't been so lucky. Lana Payne, national president of Unifor, which represents some 40,000 autoparts and assembly workers in Canada, says tariffs have resulted in lost work and investment within Canada. In May, GM laid off 750 autoworkers at its Oshawa, Ont., plant when it cut a shift. Windsor's Stellantis assembly plant is also alternating between full production levels, a reduced schedule and full shutdowns throughout the summer. And Stellantis's Brampton, Ont., plant also paused retooling in recent months, with workers there recently telling media they were growing increasingly concerned about when work would resume. "The carnage is building up," Payne said. "Pretty much across the entire auto sector, there has been an impact of some kind or another, depending on the facility and the community." WATCH | Auto expert discusses Windsor Assembly Plant's future given Stellantis earnings: The Windsor Assembly Plant could be in trouble if tariffs don't disappear, as company posts losses: Auto expert 9 days ago The Windsor Assembly Plant could be in serious trouble if tariffs don't go away, a leading automotive expert says, as U.S. President Donald Trump renews threats of tariffs. It comes as the company says preliminary estimates show a nearly $4-billion loss in the first half of this year. The CBC's Katerina Georgieva reports. If tariffs on autos are here to stay, Payne says she expects more of these production cuts and pauses to pile up. That's why she says it's "crucial" that a trade deal between Canada and the U.S. sets tariffs on autos at zero — something she's been working to articulate to folks in government. "We've been very clear to the government what our red lines are," Payne said. "Even though we're facing a deadline right now of August 1st … we're much better off having no deal than a bad deal that will result in a continued bleed of investment and jobs out of this country." Only thing that will help is a trade deal While he doesn't have a prediction for Canada's trade deal, president and CEO of Global Automakers of Canada David Adams says he hopes the rate will be zero, at the very least for CUSMA-compliant cars and parts. "The reality is that any tariff is problematic," Adams said. "If you start doing the math … you're talking, you know, billions [of] dollars per year in terms of the extra cost associated with the tariff." At any rate higher than zero, he says automakers would slowly start to shift production to the U.S. Adams says it won't necessarily be easy to strike an agreement, and that Canada should be very careful about what it puts on the table, given the free trade deal between the U.S., Canada and Mexico is up for review in 2026. So far, goods that are subject to that deal have been sheltered from any tariffs, which has helped Canada weather the tariff storm. WATCH | Why the American auto industry needs the Canadian market: Why the American auto industry needs the Canadian market 28 days ago "We don't have a lot of cards to play, and we need to play the cards that we do have very carefully and strategically," Adams said. Given that the European Union and Japan recently reached deals with the U.S. that will allow those countries to sell products to Americans at a 15 per cent rate, Fiorani says he expects cars and parts not covered by CUSMA might face a similar rate. Fiorani said the deals with the EU and Japan are a sore spot for car companies and suppliers in North America, given that rates for cars coming from Europe or Japan are lower than the 25 per cent currently on cars from Canada. "These are companies that have built their business case on shipping parts across the border. And now they're competing with vehicles that are coming from either the EU, U.K. or Japan, with potentially a lower tariff than they're currently applying to Canadian parts and vehicles," Fiorani said. That said, Fiorani points out that the deals that U.S. President Donald Trump has struck so far are still "handshakes at best," as none of them have yet been signed on paper, which means that reality could still change. In the long term, Greig Mordue, an associate professor at McMaster University in Hamilton, says putting any kinds of tariffs on the auto sector would be a dismantling of the last 60 years of North America's joint auto industry. And while that won't happen overnight, Mordue says Canada will need to find ways to distance itself from the U.S. in the long run. He added that while the Detroit Three have been the focus of the auto sector in North America historically, they don't produce as many cars in Canada anymore. And of the 1.3 million cars made here in 2024, 533,000 were Toyotas and 420,550 were Honda models. Given that, and the global shift from gas-powered cars to electric vehicles, he says Canada should try to find partnerships abroad.
