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SEMCO ENERGY, Inc. Announces Redemption Of Convertible Cumulative Preferred Stock

PORT HURON, Mich., Oct. 15 /PRNewswire/ -- SEMCO ENERGY, Inc. today announced that it will redeem all outstanding shares of its $2.3125, Series A Convertible Cumulative Preferred Stock on November 18, 1999.

Shareholders may elect one of the following options:

1. Conversion into Common Stock. Holders may convert their shares into Common Stock of the Company by sending the stock with written instruction to SEMCO ENERGY, Inc. prior to 5:00 p.m. Eastern Standard Time on November 18, 1999. Each share of Convertible Preferred Stock can be converted into 4.11 shares of Common Stock (Nasdaq: SMGS). Based on the closing price of the Company's Common Stock on October 13, 1999, 4.11 shares of Common Stock is worth $60.11.

2. Redemption for Cash. Holders may surrender the Convertible Preferred Stock at the redemption price of $25.00 per share as well as accrued but unpaid dividends to the Redemption Date.

Dividends on the Convertible Cumulative Preferred Stock will cease to accrue and accumulate on the Redemption Date.

Notices of Redemption and the form of the Letter of Transmittal will be mailed on Tuesday, October 19, to holders of record of the Convertible Cumulative Preferred Stock.

SEMCO ENERGY, Inc. is a diversified energy services and infrastructure company organized into two major segments: natural gas distribution and diversified businesses.

SEMCO ENERGY GAS COMPANY distributes natural gas to over 250,000 residential, industrial, and commercial customers in 24 counties in Michigan's Upper and Lower Peninsulas.

SEMCO ENERGY VENTURES acquires and operates businesses involved in engineering and quality assurance services, pipeline construction services, propane distribution, intrastate pipelines and natural gas storage in various regions of the United States.
SOURCE SEMCO ENERGY, Inc.
CONTACT: Media: Francis R. Lieder, Jr., 810-987-2200, ext.4186, or fax, 810-989-4098, or Analysts: Edric R. Mason, Jr., 810-989-4104, or fax, 810-989-4098, SEMCO ENERGY, Inc.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding SEMCO Energy's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

 
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