Pepco Holdings Declares Quarterly and Pro Rata Dividends in Advance of Merger with Exelon
Pepco Holdings Inc. (NYSE: POM) today announced that its board of
directors has declared a quarterly dividend of $0.27 per share on Pepco
Holdings’ common stock that is payable on Dec. 31, 2015, to shareholders
of record on Dec. 10, 2015, provided that the company’s proposed merger
with Exelon Corporation does not close on or prior to the close of
business on Dec. 10, 2015. The board of directors also declared a
contingent pro-rata dividend to be paid in lieu of the regular quarterly
dividend described above in the event that the merger closes before the
close of business on Dec. 10, 2015.
If the merger closes before the close of business on Dec. 10, 2015, the
fourth quarter dividend will be pro-rated, with shareholders receiving
$0.002967 per share of common stock per day from, but not including,
Sep. 10, 2015 – the record date for the previous quarterly dividend –
and ending the day immediately prior to the effective time of the
merger. The pro-rata dividend, which is the daily equivalent of 27 cents
per share of common stock for the full quarter (assuming 91 days in the
quarter), will be paid 20 days after the closing date of the merger to
shareholders of record immediately prior to the effective time of the
merger.
Pepco Holdings, Inc. (NYSE: POM) is one of the largest energy
delivery companies in the Mid-Atlantic region, serving about 2 million
customers in Delaware, the District of Columbia, Maryland and New
Jersey. PHI subsidiaries Pepco, Delmarva Power and Atlantic City
Electric provide regulated electricity service; Delmarva Power also
provides natural gas service. Through Pepco Energy Services, PHI also
provides energy savings performance contracting services, underground
transmission and distribution construction and maintenance services, and
steam and chilled water under long-term contracts.
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Copyright Business Wire 2015
Source: Business Wire
(October 22, 2015 - 4:32 PM EDT)
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