The 5.90% Cumulative Redeemable First Preferred Shares, Series D (the “Series D Shares” or the “Shares”) will be entitled to a fixed cumulative preferential cash dividend at a rate of $1.475 per share per annum, as and when declared by the Board of Directors of Nova Scotia Power Incorporated (“NSPI”), which will accrue from the date of issue and will be payable quarterly on the fifteenth day of January, April, July and October of each year. Assuming an issue date of October 31, 2000, the first dividend, if declared, will be payable as of January 15, 2001 in the amount of $0.30712 per Series D Share. Thereafter, dividends shall be payable quarterly at a rate of $0.36875 per Series D Share.
Subject to the provisions of the Companies Act (Nova Scotia), on and after October 15, 2015 NSPI may, on at least 30 days' prior notice, redeem the Series D Shares, in whole or in part, at the option of NSPI without the consent of the holder, by the payment in cash of $25.00 per Series D Share plus all accrued and unpaid dividends, whether or not declared, up to but excluding the date fixed for redemption. The Series D Shares are otherwise not redeemable. See “Details of the Offering - Redemption”.