Exelon Corporation (EXC) Declares $0.525 Pro Rata Quarterly Dividend
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The Board of Directors of Exelon Corporation (NYSE: EXC) declared dividends for the second quarter that are contingent on the effective date of the pending merger with Constellation Energy Group, Inc. (Constellation). All Exelon shareholders will continue to receive the full $0.525 per share quarterly dividend, but may receive it in two separate payments depending on the effective date of the merger.
If the effective date of the merger is after May 15, 2012, the Board of Directors declared a regular quarterly dividend of $0.525 per share of Exelon’s common stock, payable on June 8, 2012, to shareholders of record of Exelon at 5:00 p.m. New York time on May 15, 2012.
If the effective date of the merger is on or before May 15, shareholders will receive two separate dividend payments totaling $0.525 per share:
The first of the dividend payments will be pro-rated, with shareholders of record as of 5:00 p.m. New York time on the day before the effective date of the merger receiving $0.00583 per share per day for the period from and including Feb. 16, 2012, the day after the record date for the previous dividend, through and including the day before the effective date of the merger. This portion of the dividend will be paid within 30 days after the effective date of the merger.
The second of the dividend payments will also be pro-rated, with all Exelon shareholders, including the former Constellation shareholders, of record at 5:00 p.m. New York time on May 15, 2012, receiving $.00583 per share per day for the period from and including the effective date of the merger through and including May 15, 2012. This portion of the dividend will be paid on June 8, 2012.
The pro-rated dividends, combined with the complementary dividends declared by Constellation on Oct. 21, 2011, are designed to synchronize the two companies’ dividends as of the effective date of the merger.
Because the effective date of the merger will be after Feb. 15, 2012, the contingent dividend declared by the Board of Directors in October 2011 for the first quarter of 2012 will be paid as a regular quarterly dividend of $0.525 per share on Exelon’s common stock, payable on March 9, 2012, to shareholders of record of Exelon at 5:00 p.m. New York time on Feb. 15, 2012
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If the effective date of the merger is after May 15, 2012, the Board of Directors declared a regular quarterly dividend of $0.525 per share of Exelon’s common stock, payable on June 8, 2012, to shareholders of record of Exelon at 5:00 p.m. New York time on May 15, 2012.
If the effective date of the merger is on or before May 15, shareholders will receive two separate dividend payments totaling $0.525 per share:
The first of the dividend payments will be pro-rated, with shareholders of record as of 5:00 p.m. New York time on the day before the effective date of the merger receiving $0.00583 per share per day for the period from and including Feb. 16, 2012, the day after the record date for the previous dividend, through and including the day before the effective date of the merger. This portion of the dividend will be paid within 30 days after the effective date of the merger.
The second of the dividend payments will also be pro-rated, with all Exelon shareholders, including the former Constellation shareholders, of record at 5:00 p.m. New York time on May 15, 2012, receiving $.00583 per share per day for the period from and including the effective date of the merger through and including May 15, 2012. This portion of the dividend will be paid on June 8, 2012.
The pro-rated dividends, combined with the complementary dividends declared by Constellation on Oct. 21, 2011, are designed to synchronize the two companies’ dividends as of the effective date of the merger.
Because the effective date of the merger will be after Feb. 15, 2012, the contingent dividend declared by the Board of Directors in October 2011 for the first quarter of 2012 will be paid as a regular quarterly dividend of $0.525 per share on Exelon’s common stock, payable on March 9, 2012, to shareholders of record of Exelon at 5:00 p.m. New York time on Feb. 15, 2012
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