HALIFAX, Sept. 23, 2011 /CNW/ - (TSX: EMA): Today, the Board of Directors of Emera Inc. approved an increase in the annual common share dividend rate to $1.35 from $1.30 per common share. The first quarterly dividend payment, of $0.3375 per common share, is payable on and after November 15, 2011 to common shareholders of record at the close of business on November 1, 2011.
"This dividend increase reflects the Board's confidence in the strength of Emera's growing business", said Chris Huskilson, President and Chief Executive Officer of Emera Inc. "We know our dividend is important to our shareholders, and we are pleased to be able to provide for this increase."
The Board of Directors also approved a quarterly dividend of $0.2750, or $1.10 annually, per Series A First Preferred Share. The first quarterly dividend payment is payable on and after November 15, 2011, to Series A First Preferred shareholders of record at the close of business on November 1, 2011.
Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, Emera Inc. hereby notifies its common shareholders and its Series A First Preferred shareholders that such dividends declared qualify as eligible dividends.
Forward Looking Information
This news release contains forward looking information. Actual future results may differ materially. Additional information related to Emera, including the company's Annual Information Form, can be found on SEDAR at www.sedar.com or on EDGAR at www.sec.gov.
Emera Inc. is an energy and services company with $6.6 billion in assets and 2010 revenues of $1.6 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 operates throughout northeastern North America, in three Caribbean countries and in California. More than 80% of the company's earnings come from regulated investments. Emera common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA and EMA.PR.A. Additional information can be accessed at www.emera.com, www.sedar.com, or on www.sec.gov.