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HALIFAX - Emera Incorporated (TSX/NYSE:EMA), a $14.2 billion market cap utility company currently trading near its 52-week high, announced Thursday that all of its outstanding Cumulative Floating Rate First Preferred Shares, Series B will be automatically converted into Cumulative 5-Year Rate Reset First Preferred Shares, Series A on August 15, 2025.
The conversion follows the company’s determination that there would be fewer than 1,000,000 Series B Shares outstanding after the conversion date, based on shareholder elections. According to the press release, only 1,300 of Emera’s 4,866,814 Series A Shares were tendered for conversion into Series B Shares, while 569,430 of its 1,133,186 Series B Shares were tendered for conversion into Series A Shares.
As a result of the automatic conversion, Emera will have 6,000,000 Series A Shares issued and outstanding after August 15. The Series A Shares will continue to be listed on the Toronto Stock Exchange under the symbol EMA.PR.A, while the Series B Shares will be delisted.
Holders of Series A Shares will have the opportunity to convert their shares again on August 15, 2030, and every five years thereafter as long as the shares remain outstanding.
Emera is a North American energy services provider headquartered in Halifax, Nova Scotia, with regulated electric and natural gas utilities serving approximately 2.6 million customers across Canada, the United States and the Caribbean.
In other recent news, Emera Inc. has been the subject of several notable developments. BofA Securities has initiated coverage on Emera with a Buy rating and set a price target of $49. This follows Emera’s approval to trade on the New York Stock Exchange under the ticker symbol EMA, a move that took place on May 22, 2025. Additionally, Emera announced the dividend rates for its preferred shares series. The Series A Cumulative Rate Reset First Preferred Shares will pay an annual rate of 4.951%, equivalent to $0.3094 per share quarterly, effective from August 15, 2025, through August 14, 2030. This rate is tied to the Government of Canada bond yield, plus an additional 1.84%. These developments highlight key financial and strategic moves by the company.
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