|By Marketwire .||
|February 21, 2013 08:15 AM EST|
CALGARY, ALBERTA -- (Marketwire) -- 02/21/13 -- Canadian Utilities Limited (TSX:CU)(TSX:CU.X) announced today that it intends to split its Class A non-voting shares and Class B common shares on a two-for-one basis by way of a share dividend in 2013.
Canadian Utilities intends to undertake the share splits because the market prices for the Class A non-voting shares and the Class B common shares have significantly increased in past years. The share splits would be intended to make the Class A non-voting shares and the Class B common shares more readily accessible to individual share owners, to increase and broaden Canadian Utilities' share owner base, and to improve the liquidity of the market for the shares. The share splits would not change a share owner's proportionate ownership in Canadian Utilities.
ATCO Ltd., which owns 52.9% of Canadian Utilities, also announced today its intention to split its shares by way of a share dividend in 2013. The share splits of both companies are expected to occur concurrently at a date to be determined following the Canadian Utilities and ATCO Ltd. annual meetings, which are scheduled for May 8, 2013 and May 16, 2013, respectively.
Canadian Utilities Limited, an ATCO company, with more than 7,100 employees and assets of approximately $13 billion, delivers service excellence and innovative business solutions worldwide with leading companies engaged in utilities (pipelines, natural gas and electricity transmission and distribution), energy (power generation, natural gas gathering, processing, storage and liquids extraction) and technologies (business systems solutions). More information can be found at www.canadianutilities.com.
Canadian Utilities Limited
B.R. (Brian) Bale
Senior Vice President & Chief Financial Officer