Atlantic Power Corporation Announces December 2012 Common Share Dividend
BOSTON, Dec. 14, 2012 /CNW/ - Atlantic Power Corporation (TSX: ATP) (NYSE: AT)
(the "Company" or "Atlantic Power") today announced its distribution for the
month of December 2012. A dividend of Cdn$0.09583 per common share will be
payable on January 31, 2013 to holders of record at the close of business on
December 31, 2012.
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 may 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. 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 an approximately 300 MW wind project under
construction in Oklahoma, which is expected to achieve commercial operation
later this year and a 53 MW biomass project under construction in Georgia,
which is expected to achieve commercial operation in the first quarter of
2013. 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 $1.3 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.
Cautionary Note Regarding Forward-looking Statements
To the extent any statements made in this news release contain information
that is not historical, these statements are forward-looking statements within
the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and
Section 21E of the U.S. Securities Exchange Act of 1934, as amended and
forward-looking information as defined under Canadian securities law
(collectively, "forward-looking statements").
Certain statements in this news release may constitute "forward-looking
statements", which reflect the expectations of management regarding the future
growth, results of operations, performance and business prospects and
opportunities of the Company and its projects and other matters. These
statements, which are based on certain assumptions and describe the Company's
future plans, strategies and expectations, can generally be identified by the
use of the words "may," "will," "project," "continue," "believe," "intend,"
"anticipate," "expect" or similar expressions that are predictions of or
indicate future events or trends and which do not relate solely to present or
historical matters. Examples of such statements in this press release include,
but are not limited, to statements with respect to the expectations for the
achievement of commercial operation of Atlantic Power's biomass project under
construction in Georgia and its wind project under construction in Oklahoma.
Forward-looking statements involve significant risks and uncertainties, should
not be read as guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not or the times at or by
which such performance or results will be achieved. A number of factors could
cause actual results to differ materially from the results discussed in the
forward-looking statements, including, but not limited to, the factors
discussed under "Risk Factors" in the Company's periodic reports as filed with
the Securities and Exchange Commission and applicable securities regulatory
authorities in Canada from time to time. Although the forward-looking
statements contained in this news release are based upon what are believed to
be reasonable assumptions, investors cannot be assured that actual results
will be consistent with these forward-looking statements, and the differences
may be material. These forward-looking statements are made as of the date of
this news release and, except as expressly required by applicable law, the
Company assumes no obligation to update or revise them to reflect new events
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SOURCE: Atlantic Power Corporation
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-0- Dec/14/2012 17:01 GMT
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