ALLETE Board of Directors Raises Quarterly Common Stock Dividend
January 20 2011 - 8:30AM
Business Wire
The ALLETE (NYSE:ALE) Board of Directors has increased the
quarterly dividend on the company’s common stock to 44.5 cents per
share.
“This increase reflects ALLETE’s strong balance sheet and the
Board’s confidence in the company’s positive long-term earnings
expectations, and meets the objective of maintaining a dividend
payout ratio in the same range as similar companies,” said Donald
Shippar, ALLETE Chairman of the Board. “ALLETE expects to pay an
attractive dividend while, at the same time, funding its growth.
The Board of Directors is committed to returning value to its
shareholders.”
On an annual basis, the increased dividend is equivalent to
$1.78 per share. The regular quarterly dividend is payable March 1
to common shareholders of record at the close of business on
February 15, 2011.
ALLETE’s corporate headquarters are in Duluth, Minnesota. In
addition to its electric utilities, Minnesota Power in northeast
Minnesota and Superior Water, Light & Power Co. in northwest
Wisconsin, ALLETE owns BNI Coal in Center, N. D. and has an eight
percent equity interest in American Transmission Co.
The statements contained in this release and statements that
ALLETE may make orally in connection with this release that are not
historical facts, are forward-looking statements. These
forward-looking statements involve risks and uncertainties and
investors are directed to the risks discussed in documents filed by
ALLETE with the Securities and Exchange Commission.
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