Fortis Inc | First Preference Units. Each First Preference Unit consisting of one Cumulative Redeemable Convertible First Preference Share, Series D and one Cumulative Redeemable Convertible First Preference Share, Series E Purchase Warrant (FTS.PRE.CA)
Prospectus excerpt: Fortis Inc. (‘‘Fortis’’ or the ‘‘Corporation’’) is hereby qualifying for distribution (the ‘‘Offering’’) 8,000,000 first preference units (the ‘‘Units’’), each of which consists of one cumulative redeemable convertible first preference share, series D of the Corporation (a ‘‘Series D First Preference Share’’) and one cumulative redeemable convertible first preference share, series E purchase warrant of the Corporation (a ‘‘Warrant’’). The holders of Series D First Preference Shares will be entitled to receive fixed cumulative preferential cash dividends, if, as and when declared by the board of directors of the Corporation (the ‘‘Board of Directors’’) in the amount of $0.3063 per Series D First Preference Share per annum, to accrue from the original date of issue, payable on March 31, 2004, July 15, 2004 and thereafter on the first business day of September, December, March and June of each year. Assuming an issue date of January 29, 2004, the first dividend, if declared, will be payable on March 31, 2004 in the amount of $0.0519 per Series D First Preference Share, the second dividend, if declared, will be payable on July 15, 2004 in the amount of $0.0887 per Series D First Preference Share, the third dividend, if declared, will be payable on September 1, 2004 in the amount of $0.0402 per Series D First Preference Share and each dividend thereafter will be payable in equal quarterly instalments in the amount of $0.0766 per Series D First Preference Share, except as described herein. If the Acquisition (as defined below) has closed on or prior to June 30, 2004, quarterly cash dividends payable in respect of the Series D First Preference Shares after July 15, 2004, if declared, will be reduced to $0.01 per Series D First Preference Share, being equivalent to 0.64% per annum per Series D First Preference Share. See ‘‘Details of the Offering — Description of the Series D First Preference Shares — Dividends’’.
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