Newfoundland Power Inc.
TSX : FTS

Newfoundland Power Inc.

April 27, 2007 10:06 ET

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

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - April 27, 2007) - Newfoundland Power Inc. (TSX:FTS) 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 July 31st, 2007, be and is hereby declared payable August 1st, 2007 to the Series A First Preference Shareholders of Record at the close of business July 13th, 2007;

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 July 31st, 2007, be and is hereby declared payable August 1st, 2007 to the Series B First Preference Shareholders of Record at the close of business July 13th, 2007;

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 August 31st, 2007, be and is hereby declared payable September 1st, 2007 to the Series D First Preference Shareholders of Record at the close of business August 17th, 2007; and

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, 2007, be and is hereby declared payable July 1st, 2007 to the Series G First Preference Shareholders of Record at the close of business June 15th, 2007.

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).

With a customer base of over 230,000 accounts, Newfoundland Power is dedicated to providing the highest level of customer service and reliability in the most cost-efficient manner possible. All the common shares of Newfoundland Power are owned by Fortis Inc., a diversified, international distribution utility holding company with assets exceeding $5.4 billion and annual revenues of approximately $1.5 billion. The Common Shares, First Preference Shares, Series C; First Preference Shares, Series E; First Preference Shares, Series F and Subscription Receipts of Fortis Inc. are listed on the Toronto Stock Exchange under the symbols FTS, FTS.PR.C, FTS.PR.E, FTS.PR.F and FTS.R, respectively. Fortis information can be accessed at www.fortisinc.com. For more information on Newfoundland Power's programs and services, 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)