Valener's Board of Directors approves a dividend of $0.25 per common share and an initial dividend on Series A preferred shares
MONTREAL, Aug. 10, 2012 /CNW Telbec/ - Valener Inc. ("Valener") (TSX: VNR) is announcing that its Board of Directors has declared a quarterly dividend of $0.25 per common share for the quarter ending September 30, 2012. The dividend is payable on October 15, 2012 to shareholders of record at the close of business on September 28, 2012. It is an eligible dividend for Canadian tax purposes.
The Board of Directors also declared a first quarterly dividend of $0.39031 per Series A cumulative rate reset preferred share, for the period of June 6, 2012 to October 15, 2012, payable on October 15, 2012 to shareholders of record at the close of business on October 12, 2012. It is an eligible dividend for Canadian tax purposes.
Dividend Reinvestment Plan
Under Valener's Dividend Reinvestment Plan (the "Plan"), shareholders who reside in Canada may choose to have the cash dividends paid on their common shares reinvested into additional Valener common shares.
As approved by the Board of Directors, reinvestments of the dividend payable on October 15, 2012 shall be carried out by way of a new Valener common share issuance at a discount of 5% of the weighted average price during the five trading days immediately preceding the dividend payment date.
The Plan enrolment process for registered shareholders differs from that for non-registered shareholders.
Registered shareholders are shareholders whose name appears on the physical share certificate that represents their shares. To enrol in the Plan, eligible registered shareholders may contact Canadian Stock Transfer Company Inc., administrative agent for CIBC Mellon Trust Company, at 1-800-387-0825 and complete the enrolment form.
Non-registered shareholders are shareholders whose shares are held on their behalf by a securities broker, dealer, bank, trust company or other financial institution. To enrol in the Plan, eligible non-registered shareholders must contact the intermediary who is holding their shares.
The text of the Plan is available in its entirety in the "Investors" section of Valener's website (www.valener.com).
Valener owns an economic interest of approximately 29% in Gaz Métro
Limited Partnership ("Gaz Métro"). Valener therefore has a stake in the
energy industry and benefits from Gaz Métro's diversified profile, both
in terms of geography and business segment. Valener also owns a 24.5%
indirect interest in the wind power projects developed with Gaz Métro
and Boralex Inc. on the private lands of Séminaire de Québec. Valener's
common shares and preferred shares are listed on the Toronto Stock
Exchange under the "VNR" trading symbol for common shares and under the
"VNR.PR.A" symbol for Series A preferred shares. www.valener.com.
SOURCE VALENER INC.