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Fortis Inc | First Preference Shares, Series C (FTS.PRC.CA)
Prospectus excerpt: This short form prospectus (the ‘‘Prospectus’’) qualifies for distribution 5,000,000 cumulative redeemable convertible first preference shares, series C (the ‘‘Series C First Preference Shares’’) of Fortis Inc. (‘‘Fortis’’ or the ‘‘Company’’), of which 1,000,000 Series C First Preference Shares are being issued pursuant to an option granted to the Underwriters which was exercised in full on May 26, 2003. The Series C First Preference Shares of the Company will be entitled to fixed cumulative preferential cash dividends, if, as and when declared by the board of directors of the Company at a rate of $1.3625 per share per annum, to accrue from the date of original issue, payable in equal quarterly instalments on the first day of March, June, September and December of each year. Assuming an issue date of June 3, 2003, the first dividend will be payable as of September 1, 2003 in the amount of $0.3360 per Series C First Preference Share. On or after June 1, 2010, the Company may, at its option, upon not less than 30 days and not more than 60 days prior written notice, redeem for cash the Series C First Preference Shares, in whole at any time or in part from time to time, at $25.75 per share if redeemed before June 1, 2011, at $25.50 per share if redeemed on or after June 1, 2011, but before June 1, 2012, at $25.25 per share if redeemed on or after June 1, 2012, but before June 1, 2013, and at $25.00 per share if redeemed on or after June 1, 2013, plus in each case, all accrued and unpaid dividends up to but excluding the date fixed for redemption. Full Prospectus PDF », FTS.CA Page »
Series: | C | Alternate symbology: | FTS-C.CA, FTS-PC.CA, FTSprC.CA | Redeemable?: | Yes | Call Date: | 6/1/2013 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Conversion Ratio: | On or after June 1, 2010, the Series C First Preference Shares are convertible at the option of the Company subject to applicable law including, if required, stock exchange approval, on at least 30 days and not more than 60 days prior written notice into that number of fully-paid and freely-tradeable Common Shares determined by dividing the then applicable redemption price, together with all accrued and unpaid dividends up to but excluding the date fixed for conversion, by the greater of $1.00 and 95% of the weighted average trading price of the Common Shares on the TSX for a period of 20 consecutive trading days ending on the fourth day prior to the date specified for conversion, or, if that fourth day is not a trading day, on the immediately preceding trading day (the ‘‘Current Market Price’’). On or after September 1, 2013, the Series C First Preference Shares are convertible at the option of the holder on at least 30 days and not more than 60 days prior written notice on the first day of September, December, March and June of each year into that number of fully-paid and freelytradeable Common Shares determined by dividing $25.00, together with all accrued and unpaid dividends up to but excluding the date fixed for conversion, by the greater of $1.00 and 95% of the then Current Market Price. If a holder of Series C First Preference Shares elects to convert any of such shares into Common Shares, the Company may, on not less than 20 days written notice prior to the conversion date, elect to redeem such 5 Series C First Preference Shares for cash or arrange for the sale of those shares to substitute purchasers. | Shares Offered: | 5000000 | Liquidation Preference: | $25 | Original Coupon: | 5.45% | Pay Period: | Quarterly | Pay Dates: | 1-Mar, 1-Jun, 1-Sep, 1-Dec | CDx3 Compliance Rating: |
Learn FTS.PRC.CA's Rating
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Fortis is a holding company. Through its subsidiaries, Co. is engaged in the regulated electric and gas utility industry. Co.'s regulated utility businesses include ITC Holdings Corp. together with all of its subsidiaries, which consists mainly of electric transmission operations. ITC's subsidiaries own and operate high-voltage electric transmission systems in Michigan's Lower Peninsula and portions of Iowa, Minnesota, Illinois, Missouri, Kansas and Oklahoma that transmit electricity from generating stations to local distribution facilities connected to ITC's transmission systems. Co.'s non-regulated energy infrastructure includes a natural gas storage facility in British Columbia. Preferreds: FTS.PRC.CA, FTS.PRE.CA, FTS.PRF.CA, FTS.PRG.CA, FTS.PRH.CA, FTS.PRJ.CA Open the FTS.CA Information Page »
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Name: |
Fortis Inc |
Website: |
www.fortisinc.com |
Sector: |
Electric Utilities |
Number of ETFs Holding FTS.CA: |
2 (see which ones) |
Total Market Value Held by ETFs: |
$41,063,789 |
Total Market Capitalization: |
$6,585,000,000 |
% of Market Cap. Held by ETFs: |
0.62% |
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