OAKVILLE, ON, Jan. 16, 2017 /CNW/ - Algonquin Power &
Utilities Corp. ("APUC") (TSX: AQN, NYSE: AQN) announced that the
Board of Directors of APUC (the "Board") approved a dividend
increase of U.S. $0.0424 annually per
common share for a total annual dividend of U.S. $0.4659 per common share, paid quarterly at a
rate of U.S. $0.1165 per common
share.
APUC also announced today that the Board has declared a dividend
of U.S. $0.1165 per share on its
common shares, payable on April 14,
2017 to the shareholders of record on March 31, 2017 for the period from January 1, 2017 to March
31, 2017. Shareholders can elect to receive the dividend in
the amount of Cdn. $0.1533.
"With the recent acquisition of The Empire District Electric
Company, along with the completion of other successful renewable
energy project initiatives this past year, APUC has experienced
transformative growth across the organization," commented
Ian Robertson, Chief Executive
Officer of APUC. "This 10% increase in our dividend is well
underpinned by the increased 2017 earnings and cash flows arising
in connection with these achievements."
The common share dividend will be paid in cash or, if a
shareholder has enrolled in the shareholder dividend reinvestment
plan (the "Plan"), dividends will be reinvested in additional
shares ("Plan Shares") of APUC as per the Plan, based on equivalent
Canadian funds. Plan Shares will be acquired by way of a Treasury
Purchase at the average market price as defined in the Plan less a
5% discount for the first quarter of 2017.
Pursuant to the Income Tax Act (Canada) and corresponding provincial
legislation, APUC hereby notifies its common shareholders that such
dividends declared qualify as eligible dividends.
The quarterly dividends payable on common shares are declared in
U.S. dollars. Beneficial shareholders (those who hold common shares
through a financial intermediary) who are resident in Canada or the United
States may request to receive their dividends in either U.S.
dollars or the Canadian dollar equivalent by contacting the
financial intermediary with whom the common shares are held. Unless
the Canadian dollar equivalent is requested, shareholders will
receive dividends in U.S. dollars, which, as is often the case, the
financial intermediary may convert to Canadian dollars. Registered
shareholders receive dividend payments in the currency of
residency. Registered shareholders may opt to change the payment
currency by contacting CST Trust Company at 1-800-387-0825 prior to
the record date of the dividend.
The Canadian dollar equivalent of the quarterly dividend is
based on the Bank of Canada noon
exchange rate on the declaration date.
About Algonquin Power & Utilities Corp.
APUC is a North American diversified generation, transmission
and distribution utility with $10
billion of total assets. Liberty Utilities provides rate
regulated natural gas, water and electricity generation,
transmission and distribution utility services to over 782,000
customers in the United States.
APUC is committed to being a North American leader in the
generation of clean energy through its portfolio of long term
contacted wind, solar and hydroelectric generating facilities
representing more than 1,150 MW of installed capacity. APUC
delivers continuing growth through an expanding pipeline of
renewable energy development projects, organic growth within its
rate regulated generation, distribution and transmission
businesses, and the pursuit of accretive acquisitions. Common
shares, preferred shares, and instalment receipts are traded on the
Toronto Stock Exchange under the symbols AQN, AQN.PR.A, AQN.PR.D,
and AQN.IR. APUC's common shares are also listed on the New
York Stock Exchange under the symbol AQN. Visit APUC at
www.AlgonquinPowerandUtilities.com and follow us on Twitter
@AQN_Utilities.
SOURCE Algonquin Power & Utilities Corp.