Citing tepid response, Capital Power Corp. has decided not to convert any of its cumulative rate-reset preference series 3 shares into cumulative floating-rate preference series 4 shares.

As of Dec. 17, holders tendered 47,270 series 3 shares for conversion, far less than the 1 million shares required for conversion, according to a company statement.

As a result, Capital Power has reset the interest on series 3 shares to 5.45% for the next five years, effective Dec. 31.