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
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
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.