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Algonquin Power opts not to convert series D preferred shares

Algonquin Power & Utilities Corp. announced March 21 that none of its outstanding 4 million cumulative rate reset preferred shares, series D, will be converted on April 1.

During the conversion notice period for the shares, which ran from March 1 to March 15, less than 1 million series D preferred shares were tendered for conversion into series E cumulative floating rate preferred shares. Algonquin will not issue series E preferred shares at this time, according to a company news release.