Valener Board of Directors approves dividend of $0.25 per share
MONTREAL, Nov. 19 /CNW Telbec/ - Valener Inc. ("Valener") (TSX: VNR) announces that its Board of Directors has declared a quarterly dividend of $0.25 per common share for the quarter ending December 31, 2010, payable January 17, 2011 to shareholders of record at the close of business on December 30, 2010. The dividend is an eligible dividend for Canadian tax purposes.
Dividend Reinvestment Plan
Under the Dividend Reinvestment Plan (the "Plan"), shareholders who reside in Canada may choose to have cash dividends paid on their common shares reinvested in additional common shares of Valener.
As approved by the Board of Directors for the dividend payable on January 17, 2011, the reinvestment of dividends in additional common shares will be accomplished by having Valener issue new common shares at a 2% discount to the weighted average of the trading prices of the common shares for the five-day trading period preceding the dividend payment date.
The enrollment process is different depending on whether the person enrolling in the Plan is a registered or a beneficial shareholder. A person is a registered shareholder if his/her name appears on the physical share certificate representing his/her shares. A beneficial shareholder is a person whose shares are held on his/her behalf by a securities broker, dealer, bank, trust company or other financial institution.
Eligible beneficial shareholders who desire to enroll in the Plan may only do so by contacting their intermediary who holds shares on their behalf and instructing such person to take all necessary actions to allow them to participate in the Plan. Eligible registered shareholders may enroll in the Plan by contacting the transfer agent and completing the necessary enrollment form.
The full text of the Plan is available on Valener's Web site at www.valener.com.
Valener Overview
Valener is a new publicly listed corporation which holds an economic interest of approximately 29% in Gaz Métro Limited Partnership ("Gaz Métro"). Valener therefore has a stake in the energy industry and benefits from the diversified profile of Gaz Métro, both geographically and by business segment. Valener has also been granted an option to acquire a 24.5% indirect interest in the wind power projects jointly developed directly or indirectly by Gaz Métro and Boralex Inc. on the private property of the Seigneurie de Beaupré. Valener may also pursue its own development projects and acquisition strategies subject to a non-competition undertaking in favour of Gaz Métro and to applicable limitations under its credit facility. Valener's common shares are listed on the Toronto Stock Exchange under the symbol "VNR". www.valener.com
For further information:
| Investors and analysts Caroline Warren Investor Relations 514-598-3324 www.valener.com |
Media Marie-Noëlle Cano Media and Public Relations 514-598-3449 www.valener.com |
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