CALGARY,
AB, Sept. 30, 2024 /CNW/ - AltaGas Ltd.
("AltaGas" or the "Company") (TSX: ALA) announces that
1,114,177 Cumulative Redeemable Floating Rate Preferred Shares,
Series H (the "Series H Shares") (TSX: ALA.PR.H) were converted
into Cumulative Redeemable Five-Year Rate Reset Preferred Shares,
Series G (the "Series G Shares") (TSX: ALA.PR.G) on a one-for-one
basis today (the "Conversion Date"). This included 883,163 Series H
Shares tendered for conversion to Series G Shares prior to the
conversion period deadline of 5:00 pm
Eastern Time on September 13,
2024, and the remaining 231,014 Series H Shares
converted automatically into Series G Shares in accordance with the
terms of the Series H Shares. In addition, any of the Series G
Shares that were tendered for conversion into Series H Shares were
not converted and remain Series G Shares.
Following the conversion of Series H Shares, 8,000,000 Series G
Shares are now outstanding while no Series H Shares remain
outstanding. AltaGas made an application to the Toronto Stock
Exchange ("TSX") to have the Series H Shares voluntarily de-listed
following the Conversion Date. AltaGas expects the TSX to de-list
the Series H Shares as of close of markets on September 30, 2024.
As a reminder, holders of Series G Shares shall be entitled to
receive, as and when declared by the Board of Directors of AltaGas,
fixed cumulative preferential cash dividends, payable quarterly.
The annual dividend rate applicable to the Series G Shares for the
five-year period commencing on and including September 30, 2024 to, but excluding,
September 30, 2029, is 6.017 percent.
The Series G Shares will continue to be listed on the TSX under the
symbol ALA.PR.G. Quarterly dividend payments for the prior period
were paid on September 27, 2024.
Holders of Series G Shares will have the right to convert all or
any of their shares into Series H Shares again in September 2029 (every fifth year) in accordance
with the terms of the shares, subject to AltaGas' option to redeem
such shares for cash at that time.
About AltaGas
AltaGas is a leading North American infrastructure company that
connects customers and markets to affordable and reliable sources
of energy. The Company operates a diversified, lower-risk,
high-growth energy infrastructure business that is focused on
delivering stable and growing value for its stakeholders.
For more information visit www.altagas.ca or reach out to one of
the following:
Jon Morrison
Senior
Vice President, Corporate Development and Investor Relations
Jon.Morrison@altagas.ca
Aaron Swanson
Vice
President, Investor Relations
Aaron.Swanson@altagas.ca
Investor Inquiries
1-877-691-7199
investor.relations@altagas.ca
Media Inquiries
1-403-206-2841
media.relations@altagas.ca
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements. When used
in this news release, the words "may", "would", "could", "will",
"intend", "plan", "anticipate", "believe", "seek", "propose",
"estimate", "expect", and similar expressions, as they relate to
AltaGas are intended to identify forward-looking statements. In
particular, this news release contains forward-looking statements
with respect to, among other things, de-listing the Series H Shares
and the timing thereof; the payment of dividends; and conversion
rights of holders of Series G Shares. These forward-looking
statements involve 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
statements. Such forward-looking statements reflect AltaGas'
current views with respect to future events based on certain
material factors and assumptions and are subject to certain risks
and uncertainties, including without limitation, changes in market,
governmental or regulatory developments, general economic
conditions and other factors set out in AltaGas' public disclosure
documents. Many factors could cause AltaGas' actual results,
performance or achievements to vary from those described in this
news release, including without limitation those listed above.
These factors should not be construed as exhaustive. Should one or
more of these risks or uncertainties materialize, or should
assumptions underlying forward-looking statements prove incorrect,
actual results may vary materially from those described in this
news release as intended, planned, anticipated, believed, sought,
proposed, estimated or expected, and such forward-looking
statements included in, or incorporated by reference in this news
release, should not be unduly relied upon. Such forward-looking
statements speak only as of the date of this news release. AltaGas
does not intend, and does not assume any obligation, to update
these forward-looking statements. The forward-looking statements
contained in this news release are expressly qualified by this
cautionary statement.
SOURCE AltaGas Ltd.