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Electric utilities

Integrys Energy Group Declares Special Pro Rata Dividend Ahead of Merger with Wisconsin Energy Corporation

Strategic Insights

— 1 min read

The Board of Directors of Integrys Energy Group has declared a special pro rata dividend to ensure shareholders receive their dividend at the current rate until the closing of the merger with Wisconsin Energy Corporation. The dividend of $0.007234 per share per day will accrue from May 30, 2015, until the day prior to the effective day of the merger, with the effective date expected to occur by the end of summer. The pro rata dividend declaration is contingent on the completion of the merger prior to the next regularly scheduled dividend record date for Integrys Energy Group, which is August 31, 2015. The combined company, WEC Energy Group, aims to maintain a quarterly dividend of $0.4575 per share.

Key Takeaways:

  • Integrys Energy Group declared a special pro rata dividend of $0.007234 per share per day, effective from May 30, 2015, to the day prior to the merger completion.
  • The dividend is contingent on the merger completion prior to the next regularly scheduled dividend record date for Integrys Energy Group on August 31, 2015.
  • Wisconsin Energy and Integrys filed a joint proxy statement/prospectus with the SEC on October 21, 2014, and declared the registration statement effective on October 6, 2014.
  • WEC Energy Group aims to maintain a quarterly dividend of $0.4575 per share for Integrys and Wisconsin Energy shareholders after the merger.
  • Integrys Energy Group is a diversified energy holding company with regulated natural gas and electric utility operations, a 34% equity ownership interest in American Transmission Company, and nonregulated energy operations.

Statistics:

  • $0.007234: daily pro rata dividend per share
  • May 30, 2015: effective date of dividend accrual
  • August 31, 2015: next regularly scheduled dividend record date for Integrys Energy Group
  • $0.4575: quarterly dividend rate for WEC Energy Group
  • $0.68: current quarterly dividend rate for Integrys Energy Group
  • 34%: equity ownership interest in American Transmission Company
  • $53.85: closing price of TEG on April 25, 2012
  • $29.98: closing price of WEC on August 12, 2011

Sources:

  • Marketwired via COMTEX, "Integrys Energy Group Declares Special Pro Rata Dividend", dated June 15, 2015
  • Comtex SmarTrend Alert, "UPTREND on 04-25-2012 for TEG @ $53.85"
  • Comtex SmarTrend Alert, "UPTREND on 08-12-2011 for WEC @ $29.98"
  • Integrys Energy Group, "Investor Relations"
  • Wisconsin Energy Corporation, "Corporate Secretary, 231 W. Michigan St. P.O. Box 1331 Milwaukee, WI 53201"
  • SEC, "www.sec.gov"

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