Newfoundland Power Inc.

Newfoundland Power Inc.

July 28, 2016 09:02 ET

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

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - July 28, 2016) - 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 Share Series A of the Company for the quarter ending October 31st, 2016, be and is hereby declared payable November 1st, 2016 to the Series A First Preference Shareholders of Record at the close of business October 14th, 2016;

  2. a dividend of $0.13125 per share on the issued and outstanding 5 1/4 % Cumulative Redeemable First Preference Share Series B of the Company for the quarter ending October 31st, 2016, be and is hereby declared payable November 1st, 2016 to the Series B First Preference Shareholders of Record at the close of business October 14th, 2016;

  3. a dividend of $0.18125 per share on the issued and outstanding 7 1/4 % Cumulative Redeemable First Preference Share Series D of the Company for the quarter ending November 30th, 2016, be and is hereby declared payable December 1st, 2016 to the Series D First Preference Shareholders of Record at the close of business November 10th, 2016;

  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 September 30th, 2016, be and is hereby declared payable October 3rd, 2016 to the Series G First Preference Shareholders of Record at the close of business September 16th, 2016; 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), a leader in the North American electric and gas utility business, with total assets of approximately $28 billion. The regulated utilities of Fortis Inc. serve more than 3 million customers across Canada and in the United States and the Caribbean. Fortis Inc. shares are listed on the Toronto Stock Exchange and trade under the symbol FTS.

Newfoundland Power is the primary distributer of electricity on the island portion of Newfoundland and Labrador, and purchases 93% of its energy needs from Newfoundland and Labrador Hydro. With a customer base of approximately 263,000 accounts, Newfoundland Power is committed to safety, dedicated to the highest level of customer service and delivers reliable electricity at the lowest possible cost. For more information on Newfoundland Power's programs, services and community partnerships, please visit www.newfoundlandpower.com.

Contact Information

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