Emera Approves a 10% Increase in Common Dividend and Extends Dividend Growth Target
July 04, 2016
HALIFAX, Nova Scotia– Emera Inc. (“Emera”) (TSX:EMA) today announced that its Board of Directors has approved a 10% increase in its annual common share dividend to $2.09 from $1.90, and extended its 8% annual dividend growth target through to 2020 (from 2019). The approval of the next quarterly dividend at the increased rate is expected on July 8, 2016.
“The significant earnings and cash accretion expected from the TECO Energy acquisition, combined with the growth potential for the merged businesses, has provided our Board of Directors with the confidence to increase the common share dividend by 10 percent, and extend the 8 percent dividend growth target through 2020,” said Chris Huskilson, President and CEO of Emera Inc.
About Emera Inc.
Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia with approximately $27.5 billion in assets and 2015 pro-forma revenues of $ 6.3 billion. The company invests in electricity generation, transmission and distribution, gas transmission and distribution, and utility energy services with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera continues to target having 75-85% of its adjusted earnings come from rate-regulated businesses. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, and EMA.PR.F and instalment receipts are listed and trade under the symbol EMA.IR. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR. Additional Information can be accessed at www.emera.com or at www.sedar.com
Forward Looking Information
This news release contains forward-looking information within the meaning of applicable securities laws including, among other things, statements relating to dividend increases and growth targets, earnings and cash accretion and growth opportunities. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR at www.sedar.com.
Scott LaFleur, 902-428-6375
Neera Ritcey, 902-222-2683