BOSTON, Nov. 15, 2012 /PRNewswire/ -- 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 particular circumstances.
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
Convention.
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) 977-2700
info@atlanticpower.com
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.
SOURCE Atlantic Power Corporation