AGL Resources : AGL Resources Board of Directors Declares Regular Quarterly Dividend and Special Pro Rata Dividends in Preparation for Completing Merger with Nicor Inc.
ATLANTA, November 1, 2011 -- The board of directors of AGL Resources (NYSE: AGL) today declared a regular quarterly dividend of $0.45 per share on the company's common stock. The dividend will be paid December 1, 2011 to shareholders of record at the close of business on November 18, 2011, subject to pro rata adjustment as described below based on the closing date of the merger with Nicor. This marks the 256th consecutive quarterly dividend the company has paid since 1948.
In the event that the proposed merger with Nicor closes prior to November 19, 2011, the amount of this dividend will be reduced by $0.004945055 per share per day for each day prior to November 19, 2011 that the merger closes. This amount is the daily equivalent of the current quarterly dividend rate of $0.45 per share. All AGL Resources shareholders of record at the close of business on the day the merger with Nicor is completed will then receive an additional dividend of $0.004945055 per share per day for each day from and including the date on which the merger with Nicor closes through and including November 18, 2011.
In the event the merger with Nicor is completed after November 18, 2011 and before February 18, 2012, two special pro rata dividends will be paid. The board declared a pro rata dividend of $0.004945055 per share per day that will accrue from November 19, 2011 until and including the day before the merger effective date. This pro rata dividend will be payable to AGL Resources shareholders of record at the close of business on the day immediately prior to the effective date of the merger. The merger effective date is not currently known, but is expected to occur in the fourth quarter of 2011. The dividend will be paid as soon as practical following the completion of the merger.
The board also declared a pro rata dividend of $0.004945055 per share per day that will accrue from and include the effective date of the merger until February 17, 2012, to shareholders of record as of February 17, 2012. This pro rata dividend will be paid on March 1, 2012 to shareholders of record on February 17, 2012.
In the event the merger is completed after February 17, 2012, quarterly dividends will be paid according to AGL Resources' existing dividend schedule in the regular quarterly dividend amount of $0.45 per share. In this circumstance, new stub dividends will be declared to ensure that all shareholders receive a dividend at the current rate both before and after the merger is completed.
About AGL Resources
AGL Resources (NYSE: AGL), an Atlanta-based energy services company, serves approximately 2.3 million customers in six states. The company also owns Houston-based Sequent Energy Management, an asset manager serving natural gas wholesale customers throughout North America. As an 85-percent owner in the SouthStar partnership, AGL Resources markets natural gas to consumers in Georgia under the Georgia Natural Gas brand. The company also owns and operates two high-deliverability natural gas storage facilities: Jefferson Island Storage & Hub near the Henry Hub in Louisiana and Golden Triangle Storage in Texas. For more information, visit www.aglresources.com.
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Contacts: Financial
Sarah Stashak
Director - Investor Relations
Office: 404-584-4577
Cell: 404-895-7634
sstashak@aglresources.com
Media
Tami Gerke
Office: 404-584-3873
Cell: 404-558-2307
tgerke@aglresources.com
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Source: AGL Resources via Thomson Reuters ONE
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