Newfoundland Power Inc.

Newfoundland Power Inc.

October 07, 2011 12:21 ET

Newfoundland Power Declares Special Dividend on Class A Common Shares

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - Oct. 7, 2011) - As a result of the sale of joint-use poles, Newfoundland Power Inc. has paid a special dividend today on its Class A Common Shares of $2.90 per share, or $29,928,783 million in aggregate, to the Class A Common Shareholder of Record, Fortis Inc.

The special dividend was 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)