Emera Inc. (TSX:EMA) today announced an increase of 6.9% in its common
dividend and established an annual dividend growth target of 6% as it
continues to increase earnings and cash flows from operations.
Emera’s Board of Directors approved an increase in the annual common
share dividend to $1.55 from $1.45 per common share. The first quarterly
declared dividend of $0.3875 per common share is payable on and after
November 17, 2014 to common shareholders of record at the close of
business on November 3, 2014.
“We are pleased to announce this dividend increase, and the
establishment of a dividend growth target this quarter” said Chris
Huskilson, President and Chief Executive Office of Emera Inc. “This new
target is supported by the strength of Emera’s earnings and cash flows
from operations, and reflects our confidence in the continuing overall
development of our business. Our target is a 6% annual
growth rate in Emera’s dividend through the next five years.”
The Board of Directors also approved quarterly dividends for its
preferred shares as follows: $0.2750 per Series A First Preferred Share
(TSX:EMA.PR.A) payable on and after November 17, 2014 to Series A First
Preferred shareholders of record at the close of business on November 3,
2014; a quarterly dividend of $0.25625 per Series C First Preferred
Share (TSX:EMA.PR.C) payable on and after November 17, 2014 to Series C
First Preferred shareholders of record at the close of business on
November 3, 2014; a quarterly dividend of $0.28125 per Series E First
Preferred Share (TSX:EMA.PR.E) payable on and after November 17, 2014 to
Series E First Preferred shareholders of record at the close of business
on November 3, 2014; and a quarterly dividend of $0.265625 per Series F
First Preferred Share (TSX:EMA.PR.F) payable on and after November 17,
2014 to Series F First Preferred shareholders of record at the close of
business on November 3, 2014.
Pursuant to the Income Tax Act (Canada) and corresponding provincial
legislation, Emera Inc. hereby notifies its common shareholders, its
Series A First Preferred shareholders, its Series C First Preferred
shareholders; its Series E First Preferred shareholders; and its Series
F First Preferred shareholders that such dividends declared qualify as
eligible dividends.
About Emera Inc.
Emera Inc. is geographically diverse energy and services company
headquartered in Halifax, Nova Scotia with $9.07 billion in assets and
2013 revenues of $2.2 billion. The company invests in electricity
generation, transmission and distribution, as well as gas transmission
and utility energy services. Emera's strategy is focused on the
transformation of the electricity industry to cleaner generation and the
delivery of that clean energy to market. Emera has investments
throughout northeastern North America, and in four Caribbean countries.
Approximately 80% of the company's reported net income in 2013 came from
regulated investments. Emera common and preferred shares are listed on
the Toronto Stock Exchange and trade respectively under the symbol EMA,
EMA.PR.A, EMA.PR.C, EMA.PR.E, and EMA.PR.F. Additional Information can
be accessed at www.emera.com
or at www.sedar.com.
Copyright Business Wire 2014