OAKVILLE, ON, May 7, 2020 /CNW/ - Algonquin Power &
Utilities Corp. ("APUC") (TSX/NYSE: AQN) announced today that the
Board of Directors has approved a dividend increase of U.S.
$0.0564 annually per common share to
a total dividend of U.S. $0.6204 per
common share, paid quarterly at a rate of U.S. $0.1551 per common share.
APUC also announced today that the Board of Directors has
declared a dividend of U.S. $0.1551
per share on its common shares, payable on July 15, 2020, to the shareholders of record on
June 30, 2020, for the period from
April 1, 2020 to June 30, 2020. Shareholders receiving
dividends in cash can elect to receive the dividend in Canadian
dollars in the amount of C$0.2191.
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
common shares ("Plan Shares") of APUC as per the Plan. 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.
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 AST Trust Company (Canada) 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 daily
average exchange rate on the day before the declaration date.
About Algonquin Power & Utilities Corp.
APUC is a diversified international generation, transmission and
distribution utility with approximately U.S. $11 billion of total assets. Through its two
business groups, APUC is committed to providing safe, reliable and
cost effective rate-regulated natural gas, water, and electricity
generation, transmission and distribution utility services to
approximately 805,000 connections in the
United States and Canada,
and is a global leader in renewable energy through its portfolio of
long-term contracted wind, solar and hydroelectric generating
facilities representing over 2 GW of installed capacity and more
than 1.4 GW of incremental renewable energy capacity under
construction.
APUC strives to deliver continuing growth through an expanding
global pipeline of renewable energy, electric transmission, and
water infrastructure development projects, organic growth within
its rate-regulated generation, distribution and transmission
businesses, and the pursuit of accretive acquisitions. APUC's
common shares, Series A preferred shares, and Series D preferred
shares are listed on the Toronto Stock Exchange under the symbols
AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares, Series 2018-A
subordinated notes and Series 2019-A subordinated notes are listed
on the New York Stock Exchange under the symbols AQN, AQNA and
AQNB.
Visit APUC at www.algonquinpowerandutilities.com and
follow us on Twitter @AQN_Utilities.
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SOURCE Algonquin Power & Utilities Corp.