Subject: STOCK/OTHER MARKET NEWS
Newfoundland Power declares dividends on Series A, B, D and G First Preference Shares
ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - July 28, 2017) - Newfoundland Power Inc. has declared regular quarterly dividends on its Series A, B, D and G First Preference Shares as follows:
| 1. | a dividend of $0.1375 per share on the issued and outstanding 5 1/2% Cumulative Redeemable First Preference Share Series A of the Company for the quarter ending October 31st, 2017, be and is hereby declared payable November 1st, 2017 to the Series A First Preference Shareholders of Record at the close of business October 13th, 2017; |
| 2. | a dividend of $0.13125 per share on the issued and outstanding 5 1/4% Cumulative Redeemable First Preference Share Series B of the Company for the quarter ending October 31st, 2017, be and is hereby declared payable November 1st, 2017 to the Series B First Preference Shareholders of Record at the close of business October 13th, 2017; |
| 3. | a dividend of $0.18125 per share on the issued and outstanding 7 1/4% Cumulative Redeemable First Preference Share Series D of the Company for the quarter ending November 30th, 2017, be and is hereby declared payable December 1st, 2017 to the Series D First Preference Shareholders of Record at the close of business November 17th, 2017; |
| 4. | a dividend of $0.19 per share on the issued and outstanding 7.60% Cumulative Redeemable First Preference Share Series G of the Company for the quarter ending September 30th, 2017, be and is hereby declared payable October 2nd, 2017 to the Series G First Preference Shareholders of Record at the close of business September 15th, 2017; and, |
| 5. | the dividends hereby declared payable be and are hereby designated as eligible dividends within the meaning of s.89(1) of the Income Tax Act (Canada). |
All the common shares of Newfoundland Power Inc. are owned by Fortis Inc. (TSX:FTS)(NYSE:FTS), a leader in the North American regulated electric and gas utility industry with total assets of approximately $48 billion. The Corporation's 8,400 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries. Fortis shares are listed on the TSX and NYSE and trade under the symbol FTS.
Newfoundland Power is the primary distributer of electricity on the island portion of Newfoundland and Labrador, and purchases 93% of its energy needs from Newfoundland and Labrador Hydro. With a customer base of approximately 265,000 accounts, Newfoundland Power is committed to safety, dedicated to the highest level of customer service and delivers reliable electricity at the lowest possible cost. For more information on Newfoundland Power's programs, services and community partnerships, please visit newfoundlandpower.com
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