SoCalGas Proposes $31 Cash Retirement of Preferred Shares at 20% Premium
SRE•At its July 13, 2026 Special Meeting, SoCalGas will ask holders of its 6% Preferred and 6% Series A Preferred Stock to approve retirement of all outstanding shares for a $31 per share cash payment plus accrued dividends. This represents a premium exceeding 20% over recent market and par values.
1. Retirement Proposal
SoCalGas has scheduled a Special Meeting of Shareholders for July 13, 2026, with a record date of May 18, 2026, to vote on the retirement of all outstanding 6% Preferred Stock and 6% Series A Preferred Stock. The proposal would exchange each outstanding preferred share for a $31 per share cash payment plus accrued and unpaid dividends to, but excluding, the retirement date. The cash consideration reflects a premium of more than 20% over recent market and par values.
2. Strategic Rationale and Next Steps
The company aims to simplify its capital structure and deliver immediate value to preferred shareholders through the proposed transaction. SoCalGas filed a preliminary proxy statement and plans to file its definitive proxy statement around May 19, 2026, following SEC review. Preferred shareholders are urged to vote “FOR” the proposal in advance of the meeting, with proxy materials available on SoCalGas’ website and through the designated proxy administrator.
