CALGARY, Oct. 9, 2013 /PRNewswire/ - Pembina Pipeline Corporation ("Pembina" or the "Company") (TSX: PPL; NYSE: PBA) announced today that its Board of Directors declared a dividend of $0.3726 per share for the period commencing July 26, 2013 to November 30, 2013, on Pembina's cumulative redeemable rate reset class A preferred shares, series 1 (the "Series 1 Preferred Shares") and a dividend of $0.1932 per share for the period commencing October 2, 2013 to November 30, 2013, on Pembina's cumulative redeemable rate reset class A preferred shares, series 3 (the "Series 3 Preferred Shares"). These initial dividends are payable on December 1, 2013 to shareholders of record at the close of business on November 1, 2013.
Future dividends on the Series 1 Preferred Shares are expected to be $0.265625 quarterly, or $1.0625 per share on an annualized basis, payable on the 1st day of March, June, September and December, as and when declared by the Board of Directors of Pembina, for the initial fixed rate period to but excluding December 1, 2018. Future dividends on the Series 3 Preferred Shares are expected to be $0.29375 quarterly, or $1.1750 per share on an annualized basis, payable on the 1st day of March, June, September and December, as and when declared by the Board of Directors of Pembina, for the initial fixed rate period to but excluding March 1, 2019.
Pembina's Board of Directors also declared a common share cash dividend for October, 2013, of $0.14 per share to be paid, subject to applicable law, on November 15, 2013 to shareholders of record on October 25, 2013.
All of Pembina's dividends are designated "eligible dividends" for Canadian income tax purposes. For U.S. resident shareholders, Pembina's common share dividends should be considered "qualified dividends" and may be subject to Canadian withholding tax.
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