CHARLOTTE, N.C., Sept. 7, 2016 /PRNewswire/ -- At its regular
quarterly meeting of the Company's Board of Directors, Piedmont
Natural Gas (NYSE: PNY) today announced the declaration of a
special contingent dividend on the outstanding shares of its Common
Stock of $0.34 per share, subject to
proration as described below. This dividend is payable on the
earlier of the effective date of the acquisition of Piedmont
Natural Gas by Duke Energy Corporation (Effective Time) and
January 13, 2017 and will be payable
to holders of record at the close of business on the earlier of the
business day immediately preceding the Effective Time and
December 23, 2016.
In the event that the Effective Time occurs before December 23, 2016, the amount per common share of
this dividend will be prorated to reflect the actual number of days
beginning (and including) September 24,
2016 through and including the Effective Time multiplied by
$0.00373626 (calculated by dividing
$0.34 by 91, which is the number of
days beginning September 24, 2016 and
ending December 23, 2016) and then
rounded to the nearest whole cent. This special contingent dividend
is in addition to Piedmont's
regular third quarter dividend of $0.34 per share of common stock announced earlier
today and is intended to cover the period, if any, between
September 23, 2016 (the regular
record date for the regular third quarter dividend) and completion
of the acquisition. In the event that the Effective Time occurs
after December 23, 2016, this special
contingent dividend shall constitute the Company's regular fourth
quarter dividend.
About Piedmont Natural Gas
Piedmont Natural Gas is an energy services company primarily
engaged in the distribution of natural gas to more than one million
residential, commercial, industrial and power generation customers
in portions of North Carolina,
South Carolina and Tennessee, including customers served by
municipalities who are wholesale customers. Our subsidiaries are
invested in joint venture, energy-related businesses, including
unregulated retail natural gas marketing, regulated interstate
natural gas transportation and storage, and regulated intrastate
natural gas transportation businesses. More information about
Piedmont Natural Gas is available on the Internet at
http://www.piedmontng.com/.
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SOURCE Piedmont Natural Gas