OAKVILLE, ON, Dec. 21, 2018 /CNW/ - Further to the press
releases of Algonquin Power & Utilities Corp. (TSX/NYSE: AQN,
AQN.PR.A) ("APUC" or the "Company") dated November 28, 2018 and December 3, 2018, APUC announced today that none
of its outstanding 4,800,000 Cumulative 5-Year Rate Reset Preferred
Shares, Series A (the "Series A Preferred Shares") will be
converted on December 31, 2018 into
Cumulative Floating Rate Preferred Shares, Series B (the "Series B
Preferred Shares") of the Company. During the conversion notice
period which ran from December 3,
2018 to December 17, 2018,
less than 1,000,000 Series A Preferred Shares were tendered for
conversion into Series B Preferred Shares. As per the terms and
conditions of the Series A Preferred Shares described in the short
form prospectus dated November 2,
2012 relating to the issuance of Series A Preferred
Shares, since there would remain outstanding on December 31, 2018, after having taken into
account all Series A Preferred Shares tendered for conversion into
Series B Preferred Shares, less than 1,000,000 Series B Preferred
Shares, holders of Series A Preferred Shares who tendered their
Series A Preferred Shares for conversion will not be entitled to
convert their Series A Preferred Shares into Series B Preferred
Shares. As a result, Series B Preferred Shares will not be issued
at this time.
All dollar amounts referenced herein are in U.S. dollars unless
otherwise noted.
About Algonquin Power & Utilities Corp.
APUC is a diversified generation, transmission and distribution
utility with approximately $9 billion
of total assets. Through its two business groups, APUC provides
rate regulated natural gas, water, and electricity generation,
transmission, and distribution utility services to over 766,000
connections in the United States,
and is committed to being a global leader in the generation of
clean energy through its ownership of, or interest in, long term
contracted wind, solar and hydroelectric generating facilities
representing approximately 1.7 GW of installed capacity. With a
team of over 2,300 talented employees, APUC delivers continuing
growth through an expanding pipeline of renewable energy
development projects, organic growth within its rate regulated
generation, distribution and transmission businesses, and the
pursuit of accretive acquisitions. APUC's common shares, Series A
preferred shares and Series D preferred shares are listed on the
Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and
AQN.PR.D. APUC's common shares and Series A subordinated notes are
also listed on the New York Stock Exchange under the symbols AQN
and AQNA.
Visit APUC at www.algonquinpower.com and follow us on
Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release constitute
"forward-looking information" within the meaning of applicable
securities laws in each of the provinces of Canada and the respective policies,
regulations and rules under such laws and "forward-looking
statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 (collectively, "forward-looking
statements"). The words "expected", "intends" and similar
expressions are often intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. These statements are based on factors or
assumptions that were applied in drawing a conclusion or
making a forecast or projection, including assumptions based on
historical trends, current conditions and expected future
developments. Since forward-looking statements relate to future
events and conditions, by their very nature they require making
assumptions and involve inherent risks and uncertainties. APUC
cautions that although it is believed that the assumptions are
reasonable in the circumstances, these risks and uncertainties give
rise to the possibility that actual results may differ materially
from the expectations set out in the forward-looking statements.
Material risk factors include those set out in APUC's most recent
annual and interim management's discussion and analysis and most
recent annual information form. Given these risks, undue reliance
should not be placed on these forward-looking statements, which
apply only as of their dates. Other than as specifically required
by law, APUC undertakes no obligation to update any forward-looking
statements to reflect new information, subsequent or otherwise.
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SOURCE Algonquin Power & Utilities Corp.