The Dividend Reinvestment Plan (DRIP) provides eligible beneficial holders of Common Shares an attractive opportunity to reinvest their eligible cash dividends for additional Northland Common Shares. Participants do not pay any costs associated with this plan, including brokerage commissions.
On November 6, 2018, Northland Power reduced the discount under its Dividend Re-Investment Plan (“DRIP”) from 5% to 0%, effective immediately. Northland intends to initiate the sourcing of shares for purposes of the DRIP participants through market purchases, but reserves the right to issue shares from treasury. The change was effective with the dividend paid on December 14, 2018, to shareholders of record on November 30, 2018.
Northland updated its DRIP due to improved liquidity and strength of the balance sheet required to meet equity requirements for funding its future growth. Current shareholders participating in the Plan should consult their tax advisers about tax consequences that may result from their participation in the Plan.
On November 9, 2011, Northland Power announced a change to its existing DRIP, whereby Common Shareholders and Class A Shareholders may elect to reinvest their dividends in Northland Common Shares, at a 5% discount. The new terms apply to shareholders of record who are entitled to cash dividends and have elected to participate in the DRIP for dividends paid on and after December 15, 2011.
For further information or to join the DRIP, Shareholders should contact their financial adviser or broker.
Please click here for Northland Power’s 2015 Revised DRIP Plan.