TORONTO, ON--(Marketwired - November 18, 2016) - Enercare Inc. ("Enercare") (TSX: ECI) today announced that it has adopted a Dividend Reinvestment Plan (the "Plan"). Canadian resident shareholders will be entitled to register for the Plan effective with Enercare's monthly dividend expected to be paid on or about December 30, 2016.
The Plan will give Canadian resident shareholders a convenient means of increasing their investment in Enercare by electing to receive common shares ("Shares") instead of cash dividends on some or all of their Shares. Plan participants will benefit from acquiring Shares at a discount to the prevailing market price, and without having to pay any commissions, service charges or brokerage fees. Under the Plan, Participants will be issued Shares from treasury at a 5% discount to the then prevailing market price, unless Enercare notifies shareholders that it will satisfy the issuance through open market purchases, in which case Shares would be issued at prevailing market prices. Shares acquired under the Plan will be automatically enrolled in the Plan.
Enrollment in the Plan is optional and will not affect a shareholder's cash dividends unless they choose to participate in the Plan. Further information on the Plan is available on the investor relations section of Enercare's website at http://www.enercare.ca. Shareholders who hold their Shares through a broker or financial institution and wish to enroll for the Plan should contact their broker or financial institution directly to learn more about the specific procedures and deadlines for enrollment in the Plan applicable to them. Registered shareholders may enroll in the Plan online through Computershare's self-service web portal, Investor Centre, at www.investorcentre.com.
Enercare also announced today that, in connection with the Plan, it will change its policy of determining the record date for shareholders eligible to receive a dividend such that the dividend record date will be on or about the 15th day of the month in which the associated dividend payment is made. This change is being made to facilitate the administration of the Plan and will be effective with its dividend payable on December 30, 2016. It will not affect Enercare's previously announced dividend payable on November 30, 2016 to shareholders of record on October 31, 2016.
Enercare is headquartered in Toronto, Ontario, Canada and is publicly traded on the Toronto Stock Exchange (TSX: ECI). As one of North America's largest home and commercial services and energy solutions companies with approximately 3,800 employees under its Enercare and Service Experts brands, Enercare is a leading provider of water heaters, water treatment, furnaces, air conditioners and other HVAC rental products, plumbing services, protection plans and related services. With operations in Canada and the United States, Enercare serves approximately 1.6 million customers annually. Enercare is also the largest non-utility sub-meter provider, with electricity, water, thermal and gas metering contracts for condominium and apartment suites in Canada and through its Triacta brand, a premier designer and manufacturer of advanced sub-meters and sub-metering solutions.
For more information on Enercare visit www.enercare.ca. Additional information regarding Enercare is available on SEDAR at www.sedar.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable Canadian securities laws ("forward-looking statements" or "forward-looking information"). Statements other than statements of historical fact contained in this news release may be forward-looking statements. When used herein, the words "expects", "will" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. These forward-looking statements are based on information currently available to Enercare and/or assumptions that Enercare believes are reasonable. Many factors could cause actual results to differ materially from the results and developments discussed in the forward-looking information. These forward-looking statements are subject to certain risks. These risks include, but are not limited to, the risks and uncertainties described under "Risk Factors" in Enercare's current annual information form.
Although forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Accordingly, readers should not place undue reliance on such forward-looking statements and assumptions as management cannot provide assurance that actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Enercare. All forward-looking information in this news release is made as of the date of this news release. These forward-looking statements are subject to change as a result of new information, future events or other circumstances, in which case they will only be updated by Enercare where required by law.
Source: Enercare Inc.