Ex-Div Reminder for Enbridge's Preference Shares, Series 3
On 8/14/26, Enbridge Inc's Cumulative Redeemable Preference Shares, Series 3 (TSX: ENB-PRY.TO) will trade ex-dividend, for its quarterly dividend of $0.3305, payable on 9/1/26. As a percentage of ENB.PRY's recent share price of $23.80, this dividend works out to approximately 1.39%, so look for shares of ENB.PRY to trade 1.39% lower — all else being equal — when ENB.PRY shares open for trading on 8/14/26. On an annualized basis, the current yield is approximately 5.57%.
As of last close, ENB.PRY was trading at a 5.00% discount to its liquidation preference amount. It should be noted that the preferred shares are convertible, with a conversion ratio of The holders of the Series 3 Shares will have the right to convert all or any of their Series 3 Shares into cumulative redeemable preference shares, Series 4 of the Corporation (the Series 4 Shares), subject to certain conditions as described herein, on September 1, 2019 and on September 1 in every fifth year thereafter. The holders of the Series 4 Shares will be entitled to receive, as and when declared by the Board, quarterly floating rate cumulative preferential cash dividends payable on the first day of March, June, September and December in each year (each such quarterly dividend period is referred to as a Quarterly Floating Rate Period, as defined herein) in the amount per share determined by multiplying the Floating Quarterly Dividend Rate (as defined herein) for such Quarterly Floating Rate Period by $25.00 and multiplying that product by a fraction, the numerator of which is the actual number of days in such Quarterly Floating Rate Period and the denominator of which is 365 or 366, depending upon the actual number of days in the applicable year (less any tax required to be deducted and withheld by the Corporation). If any such date is not a business day, the dividend will be paid on the next succeeding business day. The Floating Quarterly Dividend Rate will be the annual rate of interest equal to the sum of the T-Bill Rate (as defined herein) on the applicable Floating Rate Calculation Date (as defined herein) plus a spread of 2.38%. See Details of the Offering.
The Series 3 Shares and Series 4 Shares are series of shares in the same class. The conversion right entitles holders to elect periodically which of the two series they wish to hold and does not entitle holders to receive a different class or type of securities. Other than the different dividend rights and redemption rights attached thereto, the Series 3 Shares and Series 4 Shares are identical in all material respects.. The chart below shows the one year performance of ENB.PRY shares, versus ENB:
Below is a dividend history chart for ENB.PRY, showing historical dividends prior to the most recent $0.3305 on Enbridge Inc's Cumulative Redeemable Preference Shares, Series 3:
In Thursday trading, Enbridge Inc's Cumulative Redeemable Preference Shares, Series 3 (TSX: ENB-PRY.TO) is currently up about 0.2% on the day, while the common shares (TSX: ENB.TO) are trading flat.
Further ENB.PRY.CA Research:
