Prospectus excerpt: The Cumulative Redeemable Preference Shares, Series A (the “Series A Preferred Shares”) of Enbridge Inc. (“Enbridge” or the “Corporation”) will be entitled to fixed cumulative preferential cash dividends, as and when declared by the board of directors of the Corporation, at a rate of $1.375 per Series A Preferred Share per annum ($0.34375 per Series A Preferred Share per quarter), payable quarterly commencing March 1, 1999. Assuming an issue date of December 1, 1998, the first dividend, if declared, will be payable on March 1, 1999 in the amount of $0.34375 per Series A Preferred Share.
The Corporation may redeem, on not more than 60 days’ and not less than 30 days’ prior notice, at any time on or after December 1, 2003, the whole or any part of the then outstanding Series A Preferred Shares at $26.00 per Series A Preferred Share, if redeemed on or prior to December 1, 2004; at $25.75 per share if redeemed after December 1, 2004 and on or prior to December 1, 2005; at $25.50 per share if redeemed after December 1, 2005 and on or prior to December 1, 2006; at $25.25 per share if redeemed after December 1, 2006 and on or prior to December 1, 2007; and at $25.00 per share if redeemed after December 1, 2007, in each case together with accrued and unpaid dividends up to but excluding the date fixed for redemption.