Algonquin Power & Utilities Corp. Declares First Quarter 2023 Common Share Dividend of U.S.$0.1085 (C$0.1495), and Declares First Quarter 2023 Preferred Share Dividends

Rhea-AI Summary

Algonquin Power & Utilities Corp. (AQN) announced its board of directors approved dividends for the first quarter of 2023. Common shareholders will receive US$0.1085 per share, payable on April 14, 2023, with a record date of March 31, 2023. Preferred Series A shareholders will receive C$0.32263 and Series D shareholders C$0.31819, both payable on March 31, 2023, with a record date of March 24, 2023. Additionally, the company suspended its dividend reinvestment plan on March 16, 2023.

Positive

• Declaring a common share dividend of US$0.1085 reflects confidence in cash flow.
• Preferred share dividends of C$0.32263 and C$0.31819 highlight ongoing shareholder returns.

Negative

• Suspension of the dividend reinvestment plan may deter some investors seeking growth.

OAKVILLE, ON, March 17, 2023 /PRNewswire/ - Algonquin Power & Utilities Corp. ("AQN") (TSX: AQN) (TSX: AQN.PR.A) (TSX: AQN.PR.D) (NYSE: AQN) announced today that its board of directors has approved and declared the following common and preferred share dividends:

1. US$0.1085 per common share, payable on April 14, 2023, to the shareholders of record on March 31, 2023, for the period from January 1, 2023 to March 31, 2023.  Registered shareholders can elect to receive the dividend in Canadian dollars in the amount of C$0.1495.
   
   
2. C$0.32263 per preferred share, Series A, payable in cash on March 31, 2023 to preferred share, Series A holders of record on March 24, 2023, for the period from December 31, 2022 to, but excluding, March 31, 2023.
   
   
3. C$0.31819 per preferred share, Series D, payable in cash on March 31, 2023 to preferred share, Series D holders of record on March 24, 2023, for the period from December 31, 2022 to, but excluding, March 31, 2023.

Each of the foregoing dividends will be paid in cash. Effective March 16, 2023, AQN suspended the dividend reinvestment plan ("DRIP") for its common shares.  If AQN elects to reinstate the DRIP in the future, shareholders who were enrolled in the DRIP at its suspension and remain enrolled at reinstatement will automatically resume participation in the DRIP.

The quarterly dividends payable on common shares are declared in U.S. dollars. Beneficial shareholders (those who hold common shares through a financial intermediary) who are resident in Canada or the United States may request to receive their dividends in either U.S. dollars or the Canadian dollar equivalent by contacting the financial intermediary with whom the common shares are held. Unless the Canadian dollar equivalent is requested, holders of common shares will receive dividends in U.S. dollars, which, as is often the case, the financial intermediary may convert to Canadian dollars. Registered holders of common shares receive dividend payments in the currency of residency. Registered holders of common shares may opt to change the payment currency by contacting TSX Trust Company at 1-800-387-0825 prior to the record date of the dividend.

The Canadian dollar equivalent of the quarterly common share dividend is based on the Bank of Canada daily average exchange rate on the day before the declaration date.

Pursuant to the Income Tax Act (Canada) and corresponding provincial legislation, AQN hereby notifies holders of common shares, preferred shares, Series A, and preferred shares, Series D that such dividends declared qualify as eligible dividends.

About Algonquin Power & Utilities Corp. and Liberty

Algonquin Power & Utilities Corp., parent company of Liberty, is a diversified international generation, transmission, and distribution utility with over $17 billion of total assets. Through its two business groups, the Regulated Services Group and the Renewable Energy Group, AQN is committed to providing safe, secure, reliable, cost-effective, and sustainable energy and water solutions through its portfolio of electric generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. AQN is a global leader in renewable energy through its portfolio of long-term contracted wind, solar, and hydroelectric generating facilities, together with its pipeline of renewable energy development projects. AQN owns, operates, and/or has net interests in over 4 GW of installed renewable energy capacity. AQN's common shares, preferred shares, Series A, and preferred shares, Series D are listed on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D, respectively. AQN's common shares, Series 2018-A subordinated notes, Series 2019-A subordinated notes and equity units are listed on the New York Stock Exchange under the symbols AQN, AQNA, AQNB, and AQNU, respectively.

Visit AQN at www.algonquinpowerandutilities.com and follow us on Twitter @AQN_Utilities.

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SOURCE Algonquin Power & Utilities Corp.

FAQ

What is the common share dividend amount for AQN in Q1 2023?

AQN declared a common share dividend of US$0.1085 for Q1 2023.

When will the AQN dividend be paid?

The AQN common share dividend will be paid on April 14, 2023.

What are the preferred share dividends for AQN in Q1 2023?

Preferred Series A shareholders will receive C$0.32263, and Series D shareholders will receive C$0.31819.

What is the record date for AQN's common share dividend?

The record date for AQN's common share dividend is March 31, 2023.

When was the dividend reinvestment plan for AQN suspended?

The dividend reinvestment plan for AQN was suspended on March 16, 2023.