Atlantic Power Corporation Announces November 2012 Common Share Dividend
BOSTON, Nov. 15, 2012 /CNW/ - Atlantic Power Corporation (TSX: ATP) (NYSE: AT)
(the "Company") today announced its distribution for the month of November
2012. A dividend of Cdn$0.09583 per common share will be payable on December
31, 2012 to holders of record at the close of business on November 30, 2012.
Dividend Reinvestment Plan
On August 8, 2012, Atlantic Power announced the details of the Company's
Dividend Reinvestment Plan ("DRIP" or the "Plan"). The DRIP allows eligible
holders of Common Shares to reinvest their cash dividends (if, as and when
declared by the Company's board of directors and paid) to acquire additional
Common Shares of Atlantic Power at a 3% discount to market price, as defined
in the Plan.
All holders of Common Shares who are Canadian or U.S. residents are eligible
to participate in the Plan. Shareholders who wish to participate in the DRIP
should contact their brokerage firm to enroll in the Plan.
A complete copy of the DRIP and enrollment information is available in the
"Investors" section of the Company's website www.atlanticpower.com.
Shareholders are urged to carefully read the complete Plan before making any
decisions regarding their participation in the DRIP.
Participation in the DRIP does not relieve shareholders of any liability for
taxes that may be payable in respect of dividends that are reinvested in new
Common Shares pursuant to the DRIP. Eligible shareholders interested in
participating in the DRIP should consult their own tax advisors concerning the
tax implications and consequences of their participation in the DRIP in their
This news release does not constitute an offer to sell or the solicitation of
an offer to buy securities in any jurisdiction.
Tax Information for Shareholders
Atlantic Power Corporation designates its dividend to be an "eligible
dividend" pursuant to subsection 89(14) of the Income Tax Act (Canada) and its
equivalent in any provinces of Canada.
U.S. individual or other non-corporate taxpayers should be eligible for the
reduced rate of tax currently applicable to "qualified dividends" provided
that the investor meets the holding period and any other requirements.
The Company's common share dividend is subject to a 25% withholding tax rate
for holders that are not residents of Canada, which may be reduced pursuant to
an applicable tax treaty. The withholding tax rate is 15% for U.S.-resident
holders that qualify for the benefits of the Canada – U.S. Income Tax
Non-Canadian holders may be required by their brokers to complete a Form NR301
(or an equivalent form) in order to demonstrate their entitlement to a
treaty-reduced rate of withholding tax after December 31, 2012. U.S. and
other non-Canadian holders should consult their brokers about the requirement
to provide such forms.
U.S. individuals holding shares in taxable accounts may be eligible to receive
a credit on their U.S. income tax return for this withholding tax. U.S.
individuals holding the Company's common shares in Individual Retirement
Accounts ("IRAs") may be exempt from withholding tax pursuant to the Canada
– U.S. Income Tax Convention.
Taxpayers should always seek their own independent qualified professionals
regarding the tax consequences of purchasing or owning common shares of the
Company. Individuals who believe the withholding tax exemption applies to
their IRA should contact their broker to determine how to claim the exemption.
About Atlantic Power Atlantic Power is a leading publicly traded, power
generation and infrastructure company with a well-diversified portfolio of
assets in the United States and Canada. The Company's power generation
projects sell electricity to utilities and other large commercial customers
under long-term power purchase agreements, which seek to minimize exposure to
changes in commodity prices. The net generating capacity of the Company's
projects is approximately 2,117 MW, consisting of interests in 30 operational
power generation projects across 11 states and 2 provinces and also an
84-mile, 500 kilovolt electric transmission line located in California. In
addition, the Company has a 53 MW biomass project under construction in
Georgia and an approximately 300 MW wind project under construction in
Oklahoma, both of which are expected to achieve commercial operation later
this year. Atlantic Power also owns a majority interest in Rollcast Energy, a
biomass power plant developer in Charlotte, NC. Atlantic Power is
incorporated in British Columbia, headquartered in Boston and has offices in
Chicago, Toronto, Vancouver and San Diego.
The Company's corporate strategy is to increase the value of the Company
through accretive acquisitions in North American markets while generating
stable, contracted cash flows from its existing assets to sustain its dividend
payout to shareholders. The Company's dividend is currently paid monthly at
an annual rate of Cdn$1.15 per share.
Atlantic Power has a market capitalization of approximately 1.4 billion and
trades on the New York Stock Exchange under the symbol AT and on the Toronto
Stock Exchange under the symbol ATP. For more information, please visit the
Company's website at www.atlanticpower.com or contact:
Atlantic Power Corporation Amanda Wagemaker, Investor Relations (617)
Copies of financial data and other publicly filed documents are filed on SEDAR
at www.sedar.com or on EDGAR at www.sec.gov/edgar.shtml under "Atlantic Power
Corporation" or on the Company's website.
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SOURCE: Atlantic Power Corporation
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CO: Atlantic Power Corporation
NI: OIL UTI DIV
-0- Nov/15/2012 17:01 GMT
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