MONTREAL, Feb. 7, 2014 /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 March 31, 2014. The dividend is payable on April 15, 2014 to common shareholders of record at the close of business on March 31, 2014.
The Board of Directors also declared a quarterly dividend of $0.271875 per Series A cumulative rate reset preferred share, for the period of January 16, 2014 to April 15, 2014, payable on April 15, 2014 to preferred shareholders of record at the close of business on April 9, 2014.
Both dividends are designated as eligible dividends for Canadian tax purposes.
Dividend Reinvestment Plan
Under Valener's Dividend Reinvestment Plan (the "Plan"), shareholders who reside in Canada may elect, without brokerage and administration fees, to have the cash dividends paid on their common shares automatically reinvested into additional Valener common shares.
As approved by the Board of Directors, reinvestments of the dividend payable on April 15, 2014 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.
Details of the Plan and the enrolment process are available in the "Investors" section of Valener's website (www.valener.com) under "Stock information". Eligible shareholders who wish to participate in the Plan and whose shares are held on their behalf by an intermediary such as a securities broker, dealer, bank, trust company or other financial institution, must contact that intermediary. Eligible shareholders whose name appears on the physical share certificate that represents their shares must contact CST Trust Company at 1-800-387-0825 and complete the enrolment form.
Valener owns an economic interest of approximately 29% in 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 Seigneurie de Beaupré Wind Farms jointly developed with Gaz Métro and Boralex Inc., with the 272-megawatt Phase I in service since December 2013. Valener's common shares and preferred shares are listed on the Toronto Stock Exchange under the "VNR" symbol for common shares and under the "VNR.PR.A" symbol for Series A preferred shares. www.valener.com
SOURCE Valener Inc.