Valener's Board of Directors approves:
- A dividend of $0.25 per common share;
- A discount of 5% on new common shares issued under the Dividend Reinvestment Plan; and
- A dividend of $0.271875 per Series A preferred share.
MONTREAL, Aug. 9, 2013 /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, 2013. The dividend is payable on October 15, 2013 to shareholders of record at the close of business on September 30, 2013. It is an eligible dividend for Canadian tax purposes.
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, 2013 to October 15, 2013, payable on October 15, 2013 to shareholders of record at the close of business on October 8, 2013. It is an eligible dividend for Canadian tax purposes.
Dividend Reinvestment PlanUnder 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, 2013 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.