Element Fleet will not convert series C preferreds; threshold not met

By Marisa Wong

Morgantown, W.Va., June 21 – Element Fleet Management Corp. said that none of its outstanding cumulative five-year rate reset preferred shares, series C, will be converted into cumulative floating-rate preferred shares, series D on June 30.

The company had announced on May 22 that holders of the series C preferreds could convert their shares into series D shares on a one-to-one basis.

During the conversion notice period which began on May 31 and ended at 5 p.m. ET on June 17, 145,926 series C shares were tendered for conversion into series D shares.

However, under the terms of the series C shares, no conversion will take place if it results in less than 500,000 series D shares being issued.

Element Fleet Management is a Toronto-based fleet management and equipment finance company.

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