CALGARY, ALBERTA, Feb. 18, 2010 (Marketwire) -- ATCO Ltd. (TSX:ACO.X)(TSX:ACO.Y) today announced it will redeem on March 23, 2010 all of its outstanding 5.75% Cumulative Redeemable Preferred Shares, Series 3 at a price of $25.586644 (representing the $25.00 designated capital of each share and a prescribed premium of $0.50 per share plus $0.086644 of accrued and unpaid dividends per share). The total cost of this redemption is $153.5 million.
Shares TSX Stock Redemption Price
Shares Outstanding Symbol Per Share ($)
---------------- ----------------- ----------------- ----------------------
5.75% Series 3 6,000,000 ACO.PR.A 25.586644
These dividends are eligible dividends for Canadian income tax purposes.
A formal notice and instructions for the redemption of the Series 3 Preferred Shares will be sent to preferred shareholders in accordance with the conditions attached to the Series 3 Preferred Shares.
Alberta-based ATCO Ltd., with more than 7,500 employees and assets of approximately $10.0 billion, delivers service excellence and innovative business solutions worldwide with leading companies engaged in Utilities (pipelines, natural gas and electricity transmission and distribution), Energy (power generation, natural gas gathering, processing, storage and liquid extraction), Structures & Logistics (manufacturing, logistics and noise abatement) and Technologies (business systems solutions). More information can be found at www.atco.com.
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The Corporation's actual results could differ materially from those anticipated in these forward-looking statements as a result of regulatory decisions, competitive factors in the industries in which the Corporation operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Corporation.
The forward-looking statements contained in this news release represent the Corporation's expectations as of the date hereof, and are subject to change after such date. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.