The Board of Directors of Exelon Corporation declared a
regular quarterly dividend of $0.40 per share on Exelon's common
stock. The dividend is payable on March 10, 2006, to shareholders of
record of Exelon at 5:00 p.m. New York Time on February 15, 2006,
provided Exelon's merger with Public Service Enterprise Group (PSEG)
has not closed.
If the merger closes on or before February 15, the dividend will be pro-rated, with shareholders receiving $0.00435 per share per day for the first quarter of 2006 prior to the closing of Exelon's pending merger with PSEG. This pro rata dividend is equivalent to $0.40 per share for the full quarter. The dividend will accrue from November 15, 2005, the record date for the previous quarterly dividend, until the day before the closing of the merger should the merger close on or before February 15, 2006, and will be paid within thirty days after the closing of the merger.
If the merger does not close by February 15, 2006, the Board of Exelon also declared a regular quarterly dividend of $0.40 per share on Exelon's common stock for the second quarter of 2006. The dividend is payable on June 10, 2006, to shareholders of record of Exelon at 5:00 p.m. New York Time on May 15, 2006, provided Exelon's merger with PSEG has not closed.
If the merger closes on or before May 15, the dividend will be pro-rated, with shareholders receiving $0.00449 per share per day for the second quarter of 2006 prior to the closing of the merger with PSEG. This pro rata dividend is equivalent to $0.40 per share for the full quarter. The dividend will accrue from February 15, 2006, the record date for the previous quarterly dividend, until the day before the closing of the merger should the merger close on or before May 15, 2006, and will be paid within thirty days after the closing of the merger.
The Board also announced a change to its policy for dividend record and payment dates that will take effect after the closing of the merger. Currently, dividend record dates are the fifteenth day of the second month of the quarter, and payment dates are the tenth day of the third month of the quarter. After the closing of the merger, when the dividend is increased as required by the merger agreement with PSEG, the record date will be the eighth day of the third month of a quarter, and the payment date will be the last business day of the third month of a quarter. The Board expects that there will be another pro-rated dividend for the period from the merger closing date to the first regular record date under the new dividend schedule. This post-closing pro-rated dividend will be calculated at the increased dividend rate and will be paid on the first regular payment date under the new dividend schedule. The use of pro-rated dividends is intended to keep shareholders whole with respect to their dividends.
Exelon Corporation is one of the nation's largest electric utilities with approximately 5.2 million customers and more than $14 billion in annual revenues. The company has one of the industry's largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.2 million customers in northern Illinois and Pennsylvania and gas to more than 460,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.
If the merger closes on or before February 15, the dividend will be pro-rated, with shareholders receiving $0.00435 per share per day for the first quarter of 2006 prior to the closing of Exelon's pending merger with PSEG. This pro rata dividend is equivalent to $0.40 per share for the full quarter. The dividend will accrue from November 15, 2005, the record date for the previous quarterly dividend, until the day before the closing of the merger should the merger close on or before February 15, 2006, and will be paid within thirty days after the closing of the merger.
If the merger does not close by February 15, 2006, the Board of Exelon also declared a regular quarterly dividend of $0.40 per share on Exelon's common stock for the second quarter of 2006. The dividend is payable on June 10, 2006, to shareholders of record of Exelon at 5:00 p.m. New York Time on May 15, 2006, provided Exelon's merger with PSEG has not closed.
If the merger closes on or before May 15, the dividend will be pro-rated, with shareholders receiving $0.00449 per share per day for the second quarter of 2006 prior to the closing of the merger with PSEG. This pro rata dividend is equivalent to $0.40 per share for the full quarter. The dividend will accrue from February 15, 2006, the record date for the previous quarterly dividend, until the day before the closing of the merger should the merger close on or before May 15, 2006, and will be paid within thirty days after the closing of the merger.
The Board also announced a change to its policy for dividend record and payment dates that will take effect after the closing of the merger. Currently, dividend record dates are the fifteenth day of the second month of the quarter, and payment dates are the tenth day of the third month of the quarter. After the closing of the merger, when the dividend is increased as required by the merger agreement with PSEG, the record date will be the eighth day of the third month of a quarter, and the payment date will be the last business day of the third month of a quarter. The Board expects that there will be another pro-rated dividend for the period from the merger closing date to the first regular record date under the new dividend schedule. This post-closing pro-rated dividend will be calculated at the increased dividend rate and will be paid on the first regular payment date under the new dividend schedule. The use of pro-rated dividends is intended to keep shareholders whole with respect to their dividends.
Exelon Corporation is one of the nation's largest electric utilities with approximately 5.2 million customers and more than $14 billion in annual revenues. The company has one of the industry's largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.2 million customers in northern Illinois and Pennsylvania and gas to more than 460,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.