Newfoundland Power Inc.

Newfoundland Power Inc.

November 09, 2016 07:51 ET

Newfoundland Power declares dividends on Series A, B, D and G First Preference Shares

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Nov. 9, 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 Shares Series A of the Company for the quarter ending January 31st, 2017, be and it is hereby declared payable February 1st, 2017 to the Series A First Preference Shareholders of Record at the close of business January 13th, 2017;
  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, 2017, be and it is hereby declared payable February 1st, 2017 to the Series B First Preference Shareholders of Record at the close of business January 13th, 2017;
  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 28th, 2017, be and it is hereby declared payable March 1st, 2017 to the Series D First Preference Shareholders of Record at the close of business February 10th, 2017;
  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, 2016, be and it is hereby declared payable January 3rd, 2017 to the Series G First Preference Shareholders of Record at the close of business December 16th, 2016; 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) (NYSE:FTS), Fortis Inc. is a leader in the North American regulated electric and gas utility industry, with total assets of approximately $47 billion, on a pro forma basis as at September 30, 2016 including the acquisition of ITC Holdings Corp. The Corporation's 8,000 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.

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

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