CALGARY, AB, May 21, 2021 /CNW/ - CU Inc. (TSX:
CIU.PR.A) (TSX: CIU.PR.C)
CU Inc. announced today that after having taken into account all
election notices following the conversion deadline for the
Cumulative Redeemable Preferred Shares Series 4 ("Series 4
Preferred Shares") tendered for conversion into Cumulative
Redeemable Preferred Shares Series 5 ("Series 5 Preferred Shares"),
the holders of Series 4 Preferred Shares are not entitled to
convert their Series 4 Preferred Shares into Series 5 Preferred
Shares. There were approximately 3,100 Series 4 Preferred Shares
tendered for conversion, which is less than the one million shares
required to give effect to conversions into Series 5 Preferred
Shares.
The Series 4 Preferred Shares will continue to pay on a
quarterly basis, for the five-year period beginning from and
including on June 1, 2021 to but
excluding June 1, 2026, as and when
declared by the Board of Directors of CU Inc., a fixed dividend
based on an annual dividend rate of 2.29%.
For more information on the terms of, and risks associated with
an investment in, the Series 4 Preferred Shares, please see CU
Inc.'s short form prospectus dated November
24, 2010, which can be found under CU Inc.'s profile on
SEDAR at www.sedar.com.
CU Inc. is a wholly-owned subsidiary of Canadian Utilities
Limited, an ATCO Company. CU Inc. is an Alberta-based corporation with approximately
3,200 employees and assets of $17
billion comprised of rate-regulated utility operations in
electricity and natural gas distribution and transmission. More
information about CU Inc. can be found on the Canadian Utilities
Limited website at www.canadianutilities.com.
Investor & Analyst Inquiries:
Colin Jackson
Vice President
Finance, Treasury, Risk & Sustainability
T: 403-808-2636
Media Inquiries:
Kurt Kadatz
Senior Manager, Corporate Communications
T: 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.
Forward-looking information involves 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.
The Company believes that the expectations reflected in the
forward-looking information are reasonable, but no assurance can be
given that these expectations will prove to be correct and such
forward-looking information should not be unduly relied
upon.
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 CU Inc.