Fortis Inc. Announces Third Quarter Dividends-2013 and Redemption of Series "C" First Preference Shares
May 08 2013 - 1:40PM
Marketwired
Fortis Inc. (TSX:FTS)
Third Quarter Dividends - 2013
The Board of Directors of Fortis Inc. ("Fortis" or the
"Corporation") (TSX:FTS) has declared the following dividends:
1. $0.3063 per share on the First Preference Shares, Series "E" of the
Corporation, payable on 1 September 2013 to the Shareholders of Record
at the close of business on 16 August 2013;
2. $0.3063 per share on the First Preference Shares, Series "F" of the
Corporation, payable on 1 September 2013 to the Shareholders of Record
at the close of business on 16 August 2013;
3. $0.3281 per share on the First Preference Shares, Series "G" of the
Corporation, payable on 1 September 2013 to the Shareholders of Record
at the close of business on 16 August 2013;
4. $0.2656 per share on the First Preference Shares, Series "H" of the
Corporation, payable on 1 September 2013 to the Shareholders of Record
at the close of business on 16 August 2013;
5. $0.2969 per share on the First Preference Shares, Series "J" of the
Corporation, payable on 1 September 2013 to the Shareholders of Record
at the close of business on 16 August 2013; and,
6. $0.31 per share on the issued and outstanding fully paid Common Shares
of the Corporation, payable on 1 September 2013 to the Common
Shareholders of record at the close of business on 16 August 2013.
Fortis has designated the common share dividend and preference
share dividends as eligible dividends for federal and provincial
dividend tax credit purposes.
Redemption of Series "C" First Preference Shares
Fortis will redeem all of the issued and outstanding First
Preference Shares, Series "C" of the Corporation in accordance with
their terms on July 10, 2013. The redemption price will be $25.1456
in cash per share, being equal to $25.00 plus $0.1456, representing
the amount of accrued and unpaid dividends per share for the period
from and including June 1, 2013 to but excluding July 10, 2013. A
notice of redemption providing additional details will be mailed to
the registered holders of First Preference Shares, Series C on or
about May 15, 2013. As previously announced, the regular quarterly
preferential cash dividend of $0.340625 per share will be paid on
June 1, 2013 to the holders of First Preference Shares, Series "C"
of record as of the close of business on May 17, 2013.
Fortis is the largest investor-owned distribution utility in
Canada, with total assets of more than $15 billion and fiscal 2012
revenue totalling $3.7 billion. The Corporation 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, Canada. Fortis owns and operates non-regulated generation
assets in Canada, Belize and Upstate New York. It also owns hotels
and commercial office and retail space in Canada.
The Common Shares; First Preference Shares, Series C; First
Preference Shares, Series E; First Preference Shares, Series F;
First Preference Shares, Series G; First Preference Shares, Series
H; First Preference Shares, Series J; and Subscription Receipts of
Fortis are traded on the Toronto Stock Exchange under the symbols
FTS, FTS.PR.C, FTS.PR.E, FTS.PR.F, FTS.PR.G, FTS.PR.H, FTS.PR.J and
FTS.R respectively. Fortis information can be accessed on the
Corporation's website at www.fortisinc.com and on SEDAR at
www.sedar.com.
Forward Looking Information
The Corporation includes forward-looking information in this
press release within the meaning of applicable securities laws in
Canada ("forward-looking information"). The purpose of the
forward-looking information is to provide management's expectations
regarding the common share dividend and preference share dividends
payable in the third quarter of 2013 and the redemption of the
First Preference Shares, Series C. All forward-looking information
is given pursuant to the safe harbour provisions of applicable
Canadian securities legislation. The words "anticipates",
"believes", "budgets", "could", "estimates", "expects",
"forecasts", "intends", "may", "might", "plans", "projects",
"schedule", "should", "will", "would" and similar expressions are
often intended to identify forward-looking information, although
not all forward-looking information contains these identifying
words. The forward-looking information reflects management's
current beliefs and is based on assumptions developed using
information currently available to the Corporation's management.
Although Fortis believes that the forward-looking statements are
based on information and assumptions which are current, reasonable
and complete, these statements are necessarily subject to a variety
of risks and uncertainties. For additional information on risk
factors that have the potential to affect the Corporation and its
business and operations, reference should be made to the
Corporation's continuous disclosure materials filed from time to
time with Canadian securities regulatory authorities and to the
heading "Business Risk Management" in the Corporation's annual and
quarterly Management Discussion and Analysis. Except as required by
law, the Corporation undertakes no obligation to revise or update
any forward-looking information as a result of new information,
future events or otherwise after the date hereof.
Contacts: Ms. Donna Hynes Manager, Investor & Public
Relations Fortis Inc. 709.737.2800
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