Increases Common Share Dividend for the 47th consecutive year and announces suspension of the Dividend Reinvestment Program
CALGARY, Alberta, Jan. 10, 2019 (GLOBE NEWSWIRE) — Canadian Utilities Limited (TSX: CU, CU.X)
The Board of Directors of Canadian Utilities Limited, an ATCO Company, today declared a first quarter dividend of 42.27 cents per Class A non-voting (TSX:CU) and Class B common share (TSX:CU.X), a 7.5% increase over the 39.33 cents paid in each of the four previous quarters. This common share dividend is payable March 1, 2019, to shareholders of record on February 7, 2019.
The Board also declared the following Cumulative Redeemable Second Preferred Share Dividends:
| Shares | TSX Stock Symbol |
Dividend Per Share ($) |
Record Date (2019) |
Payment Date (2019) |
| Series Y 3.403% | CU.PR.C | 0.2126875 | 07-Feb | 01-Mar |
| Series AA 4.90% | CU.PR.D | 0.30625 | 07-Feb | 01-Mar |
| Series BB 4.90% | CU.PR.E | 0.30625 | 07-Feb | 01-Mar |
| Series CC 4.50% | CU.PR.F | 0.28125 | 07-Feb | 01-Mar |
| Series DD 4.50% | CU.PR.G | 0.28125 | 07-Feb | 01-Mar |
| Series EE 5.25% | CU.PR.H | 0.328125 | 07-Feb | 01-Mar |
| Series FF 4.50% | CU.PR.I | 0.28125 | 07-Feb | 01-Mar |
These dividends are eligible dividends within the meaning of the Income Tax Act (Canada).
In addition to the above, the Board of Directors of Canadian Utilities Limited today also announced that the company’s Dividend Reinvestment Program will be suspended, effective January 10, 2019.
With approximately 5,200 employees and assets of $21 billion, Canadian Utilities Limited is an ATCO company. Canadian Utilities is a diversified global energy infrastructure corporation delivering service excellence and innovative business solutions in Electricity (electricity generation, transmission, and distribution); Pipelines & Liquids (natural gas transmission, distribution and infrastructure development, energy storage, and industrial water solutions); and Retail Energy (electricity and natural gas retail sales). More information can be found at www.canadianutilities.com.
Media & Investor Inquiries:
D.A. (Dennis) DeChamplain
Senior Vice President &
Chief Financial Officer
403-292-7502
| Forward-Looking Information: Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. The Company’s actual results could differ materially from those anticipated in this forward-looking information as a result of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company.
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The Company believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof, and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
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