On 9/18/14, Northland Power Inc's Cumulative Rate Reset Preferred Shares, Series 3 (TSX: NPI-PRC.TO) will trade ex-dividend, for its quarterly dividend of $0.3125, payable on 9/30/14. As a percentage of NPI.PRC's recent share price of $25.60, this dividend works out to approximately 1.22%, so look for shares of NPI.PRC to trade 1.22% lower — all else being equal — when NPI.PRC shares open for trading on 9/18/14. On an annualized basis, the current yield is approximately 4.89%.As of last close, NPI.PRC was trading at a 2.28% premium to its liquidation preference amount. It should be noted that the preferred shares are convertible, with a conversion ratio of Each holder of Series 3 Shares will have the right, at its option, to convert all or any of its Series 3 Shares into Cumulative Floating Rate Preferred Shares, Series 4 (the Series 4 Shares) of Northland on the basis of one Series 4 Share for each Series 3 Share converted, subject to certain conditions, on December 31, 2017 and on December 31 every five years thereafter. The holders of Series 4 Shares will be entitled to receive floating rate cumulative preferential cash dividends, as and when declared by the Board of Directors, payable quarterly on the last Business Day of March, June, September and December in each year, in the amount per Series 4 Share determined by multiplying the applicable Floating Quarterly Dividend Rate (as defined herein) by $25.00. The Floating Quarterly Dividend Rate for a Quarterly Floating Rate Period (as defined herein) will be equal to the sum of the T-Bill Rate (as defined herein) plus 3.46% per annum (calculated on the basis of the actual number of days in the applicable Quarterly Floating Rate Period divided by 365) determined on the 30th day prior to the first day of the applicable Quarterly Floating Rate Period. See Details of the Offering.. The chart below shows the one year performance of NPI.PRC shares, versus NPI:
Below is a dividend history chart for NPI.PRC, showing historical dividends prior to the most recent $0.3125 on Northland Power Inc's Cumulative Rate Reset Preferred Shares, Series 3:In Tuesday trading, Northland Power Inc's Cumulative Rate Reset Preferred Shares, Series 3 (TSX: NPI-PRC.TO) is currently up about 0.1% on the day, while the common shares (TSX: NPI.TO) are down about 1.1%.