Newfoundland Power Inc.

Newfoundland Power Inc.

May 17, 2011 15:19 ET

Newfoundland Power Declares Dividends on Series A, B, D and G First Preference Shares

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - May 17, 2011) - Newfoundland Power Inc. has declared regular quarterly dividends on its Series A, B, D and G First Preference Shares as follows:

  1. a dividend of $0.1375 per share on the issued and outstanding 5 ½% Cumulative Redeemable First Preference Share Series A of the Company for the quarter ending July 31st, 2011, be and is hereby declared payable August 1st, 2011 to the Series A First Preference Shareholders of record at the close of business July 15th, 2011;

  2. a dividend of $0.13125 per share on the issued and outstanding 5 ¼% Cumulative Redeemable First Preference Share Series B of the Company for the quarter ending July 31st, 2011, be and is hereby declared payable August 1st, 2011 to the Series B First Preference Shareholders of record at the close of business July 15th, 2011;

  3. a dividend of $0.18125 per share on the issued and outstanding 7 ¼% Cumulative Redeemable First Preference Share Series D of the Company for the quarter ending August 31st, 2011, be and is hereby declared payable September 1st, 2011 to the Series D First Preference Shareholders of record at the close of business August 12th, 2011;

  4. a dividend of $0.19 per share on the issued and outstanding 7.60% Cumulative Redeemable First Preference Share Series G of the Company for the quarter ending June 30th, 2011, be and is hereby declared payable July 1st, 2011 to the Series G First Preference Shareholders of record at the close of business June 10th, 2011; and,

  5. the dividends hereby declared payable be and are hereby designated as eligible dividends within the meaning of s.89(1) of the Income Tax Act (Canada).

All the common shares of Newfoundland Power Inc. are owned by Fortis Inc. (TSX:FTS), the largest investor-owned distribution utility in Canada, with total assets of approximately $13 billion and fiscal 2010 revenue totalling approximately $3.7 billion. Fortis serves approximately 2,100,000 gas and electricity customers. Its regulated holdings include electric distribution utilities in five Canadian provinces and three Caribbean countries and a natural gas utility in British Columbia. Fortis owns and operates non-regulated generation assets across Canada and in Belize and Upper New York State. It also owns and operates hotels and commercial office and retail space primarily in Atlantic Canada. Fortis shares are listed on the Toronto Stock Exchange and trade under the symbol FTS.

With a customer base of over 243,000 customers, Newfoundland Power is committed to safety and dedicated to providing the highest level of customer service and reliability of electricity in the most cost-efficient manner possible. For more information on Newfoundland Power's programs, services and community partnerships, please visit newfoundlandpower.com.

Contact Information

  • Ms. Jocelyn Perry
    Vice President, Finance & Chief Financial Officer
    Newfoundland Power Inc.
    (709) 737-2812
    (709) 737-5300 (FAX)