Great Plains Energy Incorporated Declares Dividends
August 02 2016 - 9:47AM
Business Wire
Great Plains Energy (NYSE: GXP) today announced that its Board
of Directors approved a quarterly dividend of $0.2625 per share on
its common stock. The Company’s annual dividend level is $1.05 per
share. The common dividend will be payable September 20, 2016 to
shareholders of record as of August 29, 2016. The shares will begin
to trade ex-dividend on August 25, 2016.
As previously announced on June 24, 2016, Computershare Trust
Company, N.A., sent a redemption notice on behalf of Great Plains
Energy to holders of record of Great Plains Energy’s (i) 3.80%
Cumulative Preferred Stock (“3.80% Preferred”), (ii) 4.50%
Cumulative Preferred Stock (“4.50% Preferred”), (iii) 4.20%
Cumulative Preferred Stock (“4.20% Preferred”) and (iv) 4.35%
Cumulative Preferred Stock (“4.35% Preferred” and collectively the
“Preferred Stock”). In accordance with the redemption notice, on
August 10, 2016 (the “Redemption Date”), the Company will
redeem all outstanding shares of its (i) 3.80% Preferred for
$103.70 per share, plus accrued and unpaid dividends to the
Redemption Date of $0.75 per share, for a total redemption price of
$104.45 per share, (ii) 4.50% Preferred for $101.00 per share,
plus accrued and unpaid dividends to the Redemption Date of $0.89
per share, for a total redemption price of $101.89 per share,
(iii) 4.20% Preferred for $102.00 per share, plus accrued and
unpaid dividends to the Redemption Date of $0.83 per share, for a
total redemption price of $102.83 per share and (iv) 4.35%
Preferred for $101.00 per share, plus accrued and unpaid dividends
to the Redemption Date of $0.86 per share, for a total redemption
price of $101.86 per share.
As soon as the Company deposits cash for the aggregate
redemption price for all of the Preferred Stock with Computershare
in trust for the account of the holders of the Preferred Stock, the
Preferred Stock will no longer be deemed outstanding, and all
rights with respect to such stock will cease and terminate, except
the right of holders to receive payment of the redemption price to
which each is due, without interest and net of any withholding
tax.
About The Companies:
Headquartered in Kansas City, Mo., Great Plains Energy
Incorporated is the holding company of Kansas City Power &
Light Company (KCP&L) and KCP&L Greater Missouri Operations
Company, two of the leading regulated providers of electricity in
the Midwest. KCP&L and KCP&L Greater Missouri Operations
Company use KCP&L as a brand name. More information about the
companies is available on the Internet at:
www.greatplainsenergy.com or www.kcpl.com.
Forward-Looking
Statements:
Statements made in this communication that are not based on
historical facts are forward-looking, may involve risks and
uncertainties, and are intended to be as of the date when made.
Forward-looking statements include, but are not limited to,
statements relating to Great Plains Energy’s proposed acquisition
of Westar Energy, Inc. (“Westar”) the outcome of regulatory
proceedings, cost estimates of capital projects and other matters
affecting future operations. In connection with the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
Great Plains Energy and KCP&L are providing a number of
important factors that could cause actual results to differ
materially from the provided forward-looking information. These
important factors include: future economic conditions in regional,
national and international markets and their effects on sales,
prices and costs; prices and availability of electricity in
regional and national wholesale markets; market perception of the
energy industry, Great Plains Energy and KCP&L changes in
business strategy, operations or development plans; the outcome of
contract negotiations for goods and services; effects of current or
proposed state and federal legislative and regulatory actions or
developments, including, but not limited to, deregulation,
re-regulation and restructuring of the electric utility industry;
decisions of regulators regarding rates the Companies can charge
for electricity; adverse changes in applicable laws, regulations,
rules, principles or practices governing tax, accounting and
environmental matters including, but not limited to, air and water
quality; financial market conditions and performance including, but
not limited to, changes in interest rates and credit spreads and in
availability and cost of capital and the effects on derivatives and
hedges, nuclear decommissioning trust and pension plan assets and
costs; impairments of long-lived assets or goodwill; credit
ratings; inflation rates; effectiveness of risk management policies
and procedures and the ability of counterparties to satisfy their
contractual commitments; impact of terrorist acts, including, but
not limited to, cyber terrorism; ability to carry out marketing and
sales plans; weather conditions including, but not limited to,
weather-related damage and their effects on sales, prices and
costs; cost, availability, quality and deliverability of fuel; the
inherent uncertainties in estimating the effects of weather,
economic conditions and other factors on customer consumption and
financial results; ability to achieve generation goals and the
occurrence and duration of planned and unplanned generation
outages; delays in the anticipated in-service dates and cost
increases of generation, transmission, distribution or other
projects; Great Plains Energy's ability to successfully manage
transmission joint venture or to integrate the transmission joint
ventures of Westar; the inherent risks associated with the
ownership and operation of a nuclear facility including, but not
limited to, environmental, health, safety, regulatory and financial
risks; workforce risks, including, but not limited to, increased
costs of retirement, health care and other benefits; the ability of
Great Plains Energy to obtain the regulatory and shareholder
approvals necessary to complete the anticipated acquisition of
Westar; the risk that a condition to the closing of the anticipated
acquisition of Westar or the committed debt or equity financing may
not be satisfied or that the anticipated acquisition may fail to
close; the failure to obtain, or to obtain on favorable terms, any
equity, debt or equity-linked financing necessary to complete or
permanently finance the anticipated acquisition of Westar and the
costs of such financing; the outcome of any legal proceedings,
regulatory proceedings or enforcement matters that may be
instituted relating to the anticipated acquisition of Westar; the
costs incurred to consummate the anticipated acquisition of Westar;
the possibility that the expected value creation from the
anticipated acquisition of Westar will not be realized, or will not
be realized within the expected time period; the credit ratings of
Great Plains Energy following the anticipated acquisition of
Westar; disruption from the anticipated acquisition of Westar
making it more difficult to maintain relationships with customers,
employees, regulators or suppliers; the diversion of management
time and attention on the proposed transactions; and other risks
and uncertainties.
This list of factors is not all-inclusive because it is not
possible to predict all factors. Additional risks and uncertainties
will be discussed in the joint proxy statement/prospectus and other
materials that Great Plains Energy will file with the Securities
and Exchange Commission (“SEC”) in connection with the proposed
transactions. Other risk factors are detailed from time to time in
Great Plains Energy’s and KCP&L’s quarterly reports on Form
10-Q and annual report on Form 10-K filed with the SEC. Each
forward-looking statement speaks only as of the date of the
particular statement. Great Plains Energy and KCP&L undertake
no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
This list of factors is not all-inclusive because it is not
possible to predict all factors. Other risk factors are detailed
from time to time in Great Plains Energy’s and KCP&L’s
quarterly reports on Form 10-Q and annual report on Form 10-K filed
with the Securities and Exchange Commission. Each forward-looking
statement speaks only as of the date of the particular statement.
Great Plains Energy and KCP&L undertake no obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20160802006227/en/
Great Plains
EnergyInvestors:Calvin Girard, 816-654-1777Senior
Manager, Investor Relationscalvin.girard@kcpl.comorMedia:Katie
McDonald, 816-556-2365Senior Director, Corporate
Communicationskatie.mcdonald@kcpl.com
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