Q: Just couple of points as an FYI to 5i Members who hold Enercare (ECI):
1) Evelyn Sutherland (CFO) has just been named as an WXN (Women"s Executive Network) 2016 Canada's Most Powerful Women: Top 100 Award Winner.
2) A new DRIP program will be instituted (with a 5% discount) effective with dividend payable on December 30th, 2016....
TORONTO, ON--(Marketwired - November 18, 2016) - Enercare Inc. ("Enercare") (TSX: ECI) today announced that it has adopted a Dividend Reinvestment Plan (the "Plan"). Canadian resident shareholders will be entitled to register for the Plan effective with Enercare's monthly dividend expected to be paid on or about December 30, 2016.
The Plan will give Canadian resident shareholders a convenient means of increasing their investment in Enercare by electing to receive common shares ("Shares") instead of cash dividends on some or all of their Shares. Plan participants will benefit from acquiring Shares at a discount to the prevailing market price, and without having to pay any commissions, service charges or brokerage fees. Under the Plan, Participants will be issued Shares from treasury at a 5% discount to the then prevailing market price, unless Enercare notifies shareholders that it will satisfy the issuance through open market purchases, in which case Shares would be issued at prevailing market prices. Shares acquired under the Plan will be automatically enrolled in the Plan.
Enrollment in the Plan is optional and will not affect a shareholder's cash dividends unless they choose to participate in the Plan. Further information on the Plan is available on the investor relations section of Enercare's website at http://www.enercare.ca. Shareholders who hold their Shares through a broker or financial institution and wish to enroll for the Plan should contact their broker or financial institution directly to learn more about the specific procedures and deadlines for enrollment in the Plan applicable to them. Registered shareholders may enroll in the Plan online through Computershare's self-service web portal, Investor Centre, at www.investorcentre.com.
Enercare also announced today that, in connection with the Plan, it will change its policy of determining the record date for shareholders eligible to receive a dividend such that the dividend record date will be on or about the 15th day of the month in which the associated dividend payment is made. This change is being made to facilitate the administration of the Plan and will be effective with its dividend payable on December 30, 2016. It will not affect Enercare's previously announced dividend payable on November 30, 2016 to shareholders of record on October 31, 2016.
I assume the savings to the company will be used to pay down debt?
Scot
1) Evelyn Sutherland (CFO) has just been named as an WXN (Women"s Executive Network) 2016 Canada's Most Powerful Women: Top 100 Award Winner.
2) A new DRIP program will be instituted (with a 5% discount) effective with dividend payable on December 30th, 2016....
TORONTO, ON--(Marketwired - November 18, 2016) - Enercare Inc. ("Enercare") (TSX: ECI) today announced that it has adopted a Dividend Reinvestment Plan (the "Plan"). Canadian resident shareholders will be entitled to register for the Plan effective with Enercare's monthly dividend expected to be paid on or about December 30, 2016.
The Plan will give Canadian resident shareholders a convenient means of increasing their investment in Enercare by electing to receive common shares ("Shares") instead of cash dividends on some or all of their Shares. Plan participants will benefit from acquiring Shares at a discount to the prevailing market price, and without having to pay any commissions, service charges or brokerage fees. Under the Plan, Participants will be issued Shares from treasury at a 5% discount to the then prevailing market price, unless Enercare notifies shareholders that it will satisfy the issuance through open market purchases, in which case Shares would be issued at prevailing market prices. Shares acquired under the Plan will be automatically enrolled in the Plan.
Enrollment in the Plan is optional and will not affect a shareholder's cash dividends unless they choose to participate in the Plan. Further information on the Plan is available on the investor relations section of Enercare's website at http://www.enercare.ca. Shareholders who hold their Shares through a broker or financial institution and wish to enroll for the Plan should contact their broker or financial institution directly to learn more about the specific procedures and deadlines for enrollment in the Plan applicable to them. Registered shareholders may enroll in the Plan online through Computershare's self-service web portal, Investor Centre, at www.investorcentre.com.
Enercare also announced today that, in connection with the Plan, it will change its policy of determining the record date for shareholders eligible to receive a dividend such that the dividend record date will be on or about the 15th day of the month in which the associated dividend payment is made. This change is being made to facilitate the administration of the Plan and will be effective with its dividend payable on December 30, 2016. It will not affect Enercare's previously announced dividend payable on November 30, 2016 to shareholders of record on October 31, 2016.
I assume the savings to the company will be used to pay down debt?
Scot
