ST. JOHN'S, NEWFOUNDLAND AND LABRADOR -- (Marketwired) -- 05/08/13 -- 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
