CALGARY,
AB, May 24, 2022 /CNW/ - Canadian Utilities
Limited (TSX: CU) (TSX: CU.X)
Canadian Utilities Limited announced today that after having
taken into account all election notices following the conversion
deadline for the Cumulative Redeemable Second Preferred Shares
Series Y ("Series Y Preferred Shares") tendered for conversion into
Cumulative Redeemable Second Preferred Shares Series Z ("Series Z
Preferred Shares"), the holders of Series Y Preferred Shares are
not entitled to convert their Series Y Preferred Shares into Series
Z Preferred Shares. There were approximately 21,400 Series Y
Preferred Shares tendered for conversion, which is less than the
two million shares required to give effect to conversions into
Series Z Preferred Shares.
The Series Y Preferred Shares will continue to pay on a
quarterly basis, for the five-year period from and including
June 1, 2022 to but excluding
June 1, 2027, as and when declared by
the Board of Directors of Canadian Utilities Limited, a fixed
dividend based on an annual dividend rate of 5.20%
For more information on the terms of, and risks associated with
an investment in, the Series Y Preferred Shares, please see
Canadian Utilities Limited's prospectus supplement dated
September 15, 2011, which can be
found under Canadian Utilities Limited's profile on SEDAR at
www.sedar.com.
With approximately 4,800 employees and assets of $21
billion, Canadian Utilities Limited is an ATCO company. Canadian
Utilities is a diversified global energy infrastructure corporation
delivering essential services and innovative business solutions in
Utilities (electricity and natural gas transmission and
distribution, and international electricity operations); Energy
Infrastructure (electricity generation, energy storage, and
industrial water solutions); and Retail Energy (electricity and
natural gas retail sales). More information can be found
at www.canadianutilities.com.
Investor & Analyst Inquiries:
Colin Jackson
Senior Vice President
Finance, Treasury, Risk & Sustainability
Colin.Jackson@atco.com
403 808 2636
Media Inquiries:
Kurt
Kadatz
Director, Corporate Communications
Kurt.Kadatz@atco.com
587 228 4571
Forward-Looking Information:
Certain statements contained in this news release may
constitute forward-looking information. Forward-looking information
is often, but not always, identified by the use of words such as
"anticipate", "plan", "estimate", "expect", "may", "will",
"intend", "should", and similar expressions.
Although the Company believes that the expectations reflected
in the forward-looking information are reasonable, such statements
are not guarantees of future performance and no assurance can be
given that these expectations will prove to be correct.
Forward-looking information should not be unduly relied upon. By
their nature, these statements involve a variety of assumptions,
known and unknown risks, uncertainties and other factors that may
cause actual results or events to differ materially from those
anticipated in such forward-looking information.
The Company's actual results could differ materially from
those anticipated in this forward-looking information as a result
of regulatory decisions, competitive factors in the industries in
which the Company operates, prevailing economic conditions
(including as may be affected by the COVID-19 pandemic), and other
factors, many of which are beyond the control of the Company.
. Readers are cautioned that the foregoing lists are not
exhaustive. For additional information about the principal risks
that the Company faces, see "Business Risks and Risk Management" in
Management's Discussion and Analysis for the year-ended
December 31, 2021. There can be
no assurance that dividends will be paid. The declaration and
payment of any dividend is at the discretion of the Company's board
of directors and will depend on numerous factors, including
compliance with applicable laws and the financial performance,
debt, obligations, working capital requirements and future capital
requirements of the Company and its subsidiaries.
Any forward-looking information contained in this news
release represents the Company's expectations as of the date hereof
and is subject to change after such date. The Company disclaims any
intention or obligation to update or revise any forward-looking
information whether as a result of new information, future events
or otherwise, except as required by applicable securities
legislation.
SOURCE Canadian Utilities Limited