EL PASO, Texas--(BUSINESS WIRE)--El Paso Electric Company (NYSE:EE) announced that it paid a full regular cash dividend of $0.41 per share of EE common stock on June 30, 2020 to shareholders of record as of the close of business on June 16, 2020. EE had previously announced that the amount of the dividend depended on the closing date of EE’s previously announced acquisition by the Infrastructure Investments Fund (IIF).
EE expects its Board of Directors to declare a “stub period” cash dividend in an amount equal to $0.004505 per share of EE common stock (which reflects the most recent regular quarterly EE common stock dividend rate of $0.41 per share, divided by 91 days), multiplied by the number of days from and including June 17, 2020, the day after the record date for the most recent regular quarterly EE common stock dividend, to and including the closing date of the IIF acquisition. As previously announced, EE and IIF have extended the end date for the transaction to September 1, 2020. Federal Energy Regulatory Commission approval of the parties’ mitigation plan is the last remaining approval, and EE and IIF expect to close promptly following its receipt.
With the closing of the IIF acquisition, shares of EE common stock will cease to be traded on the New York Stock Exchange (NYSE). EE expects that the “stub period” cash dividend will be payable to the holders of record of EE common stock as of the close of business on the last day that EE common stock is traded on the NYSE.
About El Paso Electric
El Paso Electric is a regional electric utility providing generation, transmission and distribution service to approximately 435,000 retail and wholesale customers in a 10,000 square mile area of the Rio Grande valley in west Texas and southern New Mexico.
This news release includes statements that are forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include those statements regarding the expected declaration, amount and timing of payment of the “stub period” cash dividend on shares of EE common stock and the expected closing date of the IIF acquisition. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those expressed in forward-looking statements is contained in EE's most recently filed periodic reports and in other filings made by EE with the U.S. Securities and Exchange Commission (the "SEC"). EE's filings are available from the SEC or may be obtained through EE's website, http://www.epelectric.com. Any such forward-looking statement is qualified by reference to these risks and factors. EE cautions that these risks and factors are not exclusive and cautions against putting undue reliance on forward-looking statements or projecting any future results based on such statements. Forward-looking statements speak only as of the date of this news release, and EE does not undertake to update any forward-looking statement contained herein.