Newfoundland Power Inc.

Newfoundland Power Inc.

November 02, 2011 12:22 ET

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

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Nov. 2, 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 1/2% Cumulative Redeemable First Preference Shares Series A of the Company for the quarter ending January 31st, 2012, be and it is hereby declared payable February 1st, 2012 to the Series A First Preference Shareholders of Record at the close of business January 13th, 2012;
  1. a dividend of $0.13125 per share on the issued and outstanding 5 1/4% Cumulative Redeemable First Preference Shares Series B of the Company for the quarter ending January 31st, 2012, be and it is hereby declared payable February 1st, 2012 to the Series B First Preference Shareholders of Record at the close of business January 13th, 2012;
  1. a dividend of $0.18125 per share on the issued and outstanding 7 1/4% Cumulative Redeemable First Preference Shares Series D of the Company for the quarter ending February 29th, 2012, be and it is hereby declared payable March 1st, 2012 to the Series D First Preference Shareholders of Record at the close of business February 10th, 2012;
  1. a dividend of $0.19 per share on the issued and outstanding 7.60% Cumulative Redeemable First Preference Shares Series G of the Company for the quarter ending December 31st, 2011 be and it is hereby declared payable January 1st, 2012 to the Series G First Preference Shareholders of Record at the close of business December 16th, 2011; and,
  1. 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 more than $13 billion and fiscal 2010 revenue totalling approximately $3.7 billion. Fortis serves more than 2,000,000 gas and electricity customers. Its regulated holdings include electric distribution utilities in five Canadian provinces and two 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 244,000 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)