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Algonquin Power opts not to convert series A preferred shares

Algonquin Power & Utilities Corp. said it will not convert any of its 4.8 million series A cumulative five-year rate reset preferred shares into series B cumulative floating-rate preferred shares Dec. 31.

The company said in a Dec. 21 release that the tendered series A preferred shares were less than the 1 million, which did not satisfy the conversion prerequisite.