MRP announces special dividend for shareholders

NEWS RELEASE

5 November 2014

MRP announces special dividend for shareholders

Mighty River Power today announced a fully imputed special dividend of 5 cents per share to be paid to the Company’s more than 102,000 shareholders on 11 December 2014.

Chair, Joan Withers, said the Board was pleased to declare a fully imputed special dividend worth approximately $70 million, which was confirmed as part of Mighty River Power’s ongoing capital management review at its Board meeting today.

“The positive outcomes we achieved in FY2014, along with our decisions around capital structure – including a successful $300 million Capital Bond offer – have given us some flexibility and options that have allowed us to pay this special dividend to our shareholders.”

Mrs Withers said the Company would be providing an update on capital management initiatives and Dividend Policy at the Mighty River Power Annual Shareholders’ Meeting tomorrow (6 November 2014).

ENDS

Notes:

• The fully imputed special dividend of 5.0 NZ cents per share will be paid on 11 December 2014 to all Mighty River Power shareholders who are on the Company’s share register at 5pm on the record date of 20 November 2014.
• The dividend will be fully imputed which amounts to an imputation credit of 0.019444 NZ cents per share.
• The Company will also pay a supplementary dividend of 0.008824 NZ cents per share to non-resident shareholders. The Company will receive from the IRD a tax credit equivalent to the supplementary dividend.

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