Canadian Utilities Limited Announces Conversion Results for Its Series Y Preferred Shares
CALGARY, ALBERTA--(Marketwired - May 24, 2017) - 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
508,379 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, 2017 to but excluding June 1, 2022, as and when declared by the Board of Directors of Canadian Utilities
Limited, a fixed dividend based on an annual dividend rate of 3.40%.
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 5,400 employees and assets of $19 billion, Canadian Utilities Limited is an ATCO company. ATCO is a
diversified global corporation delivering service excellence and innovative business solutions in Structures & Logistics
(workforce housing, innovative modular facilities, construction, site support services, and logistics and operations management);
Electricity (electricity generation, transmission, and distribution); Pipelines & Liquids (natural gas transmission, distribution
and infrastructure development, energy storage, and industrial water solutions); and Retail Energy (electricity and natural gas
retail sales). More information can be found at www.canadianutilities.com.
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, 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.