MONTREAL, Aug. 8, 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 September 30, 2014. The dividend is payable on October 15, 2014 to common shareholders of record at the close of business on September 30, 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 July 16, 2014 to October 15, 2014, payable on October 15, 2014 to preferred shareholders of record at the close of business on October 8, 2014.
Both dividends are designated as eligible dividends for Canadian tax purposes.
Dividend Reinvestment Plan
Valener offers a Dividend Reinvestment Plan (the "Plan") pursuant to which eligible common shareholders may elect, without brokerage and administration fees, to have the cash dividends paid on their common shares automatically reinvested into additional Valener common shares at a discount of 5% of the weighted average price during the five trading days immediately preceding the dividend payment date, as approved by the Board of Directors for the dividend payable on October 15, 2014.
Details of the Plan and the enrolment process are available in the "Investors" section of Valener's website (www.valener.com) under "Stock information".
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.