The consolidation stems from a June 16, 2026, notice allowing investors to toggle between the two share classes. While 1,875 Series AI shares were moved into the AJ series, holders opted to shift 1,976,448 Series AJ shares into the AI series. Because the remaining pool of Series AJ shares dropped below the 2,000,000 threshold, the company triggered the automatic conversion clause for all non-tendered stock.

Following the transition, the Series AI Preferred Shares will carry a fixed annual dividend rate of 5.10% for the next five years, payable quarterly subject to Board approval. These shares remain listed on the Toronto Stock Exchange under the ticker BCE.PR.I. Registered shareholders who initially requested a conversion of their Series AI holdings will have their certificates returned through the TSX Trust Company.