First Dividend as Newly Public Company
Comprised of 13 Cents for the Post
IPO Portion of Fourth Quarter 2015 Plus 21
Cents for the Full First Quarter of 2016;
March 31, 2016
Payment Date to Follow March 17, 2016
Record Date;
Board also Approves Creation of Dividend
Reinvestment Plan
TORONTO, Feb. 12, 2016 /CNW/ - Hydro One Limited
(TSX: H), the largest electrical transmission and distribution
utility in Ontario, today
announced its that its Board of Directors declared a cash dividend
to shareholders totaling 34 cents per
share on each of its outstanding common shares.
This is the first dividend declared by Hydro One Limited
following the completion of its initial public offering on
November 5, 2015. The
34 cents per share dividend is
comprised of 13 cents for the post
IPO fourth quarter period of November 5
through December 31 2015, plus 21
cents for the full first quarter ending March 31, 2016.
The dividend declared today will be paid on March 31, 2016 to shareholders of record on
March 17, 2016. Such quarterly
dividends, unless and until changed, are only payable as and when
declared by Hydro One Limited's Board of Directors and there is no
entitlement to any dividend prior thereto. Unless indicated
otherwise, all dividends paid by Hydro One Limited are designated
as "eligible" dividends for the purpose of the Income Tax Act
(Canada) and any similar
provincial legislation.
Hydro One Limited's Board of Directors also approved and the
Company is implementing a Dividend Reinvestment Plan ("DRIP") to be
in place prior to the record date for the dividend declared above.
The DRIP will enable eligible shareholders to have their regular
quarterly cash dividends automatically reinvested in additional
Hydro One Limited common shares. No commissions, service charges or
brokerage fees will be payable by participants in connection with
additional shares acquired under the DRIP. Computershare Trust
Company of Canada has been
appointed as the plan agent for the proposed DRIP. The plan
agent will acquire common shares for the DRIP in the open market
following the payment of each dividend, and the price for each
common share acquired will be the average of the actual price paid
by the plan agent in acquiring the shares. No common shares will be
issued from treasury in connection with the DRIP. More
information about the DRIP, including the plan document and
registration forms, are available at
www.hydroone.com/DRIP.
About the Company:
Hydro One Limited is Ontario's
largest electricity transmission and distribution company
headquartered in Toronto, Ontario
with approximately $24.3 billion in
assets and 2015 revenues of over $6.5
billion. The company delivers electricity safely and
reliably to over 1.3 million customers across the province of
Ontario, and to large industrial
customers and municipal utilities. Hydro One owns and operates
Ontario's approximately 29,000 km
high-voltage transmission network and an approximately 123,000
circuit km primary low-voltage distribution network. Hydro One
Limited common shares are listed on the Toronto Stock Exchange
(TSX: H). For more information about Hydro One, visit
www.HydroOne.com
SOURCE Hydro One Limited