Piedmont Natural Gas Announces Special Contingent Dividend

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Sep 07, 2016, 10:18 ET

CHARLOTTE, N.C., Sept. 7, 2016 /PRNewswire/ -- At its regular quarterly meeting of the Company's Board of Directors, Piedmont Natural Gas (NYSE: PNY) today announced the declaration of a special contingent dividend on the outstanding shares of its Common Stock of $0.34 per share, subject to proration as described below. This dividend is payable on the earlier of the effective date of the acquisition of Piedmont Natural Gas by Duke Energy Corporation (Effective Time) and January 13, 2017 and will be payable to holders of record at the close of business on the earlier of the business day immediately preceding the Effective Time and December 23, 2016.

In the event that the Effective Time occurs before December 23, 2016, the amount per common share of this dividend will be prorated to reflect the actual number of days beginning (and including) September 24, 2016 through and including the Effective Time multiplied by $0.00373626 (calculated by dividing $0.34 by 91, which is the number of days beginning September 24, 2016 and ending December 23, 2016) and then rounded to the nearest whole cent. This special contingent dividend is in addition to Piedmont's regular third quarter dividend of $0.34 per share of common stock announced earlier today and is intended to cover the period, if any, between September 23, 2016 (the regular record date for the regular third quarter dividend) and completion of the acquisition. In the event that the Effective Time occurs after December 23, 2016, this special contingent dividend shall constitute the Company's regular fourth quarter dividend.

About Piedmont Natural Gas

Piedmont Natural Gas is an energy services company primarily engaged in the distribution of natural gas to more than one million residential, commercial, industrial and power generation customers in portions of North Carolina, South Carolina and Tennessee, including customers served by municipalities who are wholesale customers. Our subsidiaries are invested in joint venture, energy-related businesses, including unregulated retail natural gas marketing, regulated interstate natural gas transportation and storage, and regulated intrastate natural gas transportation businesses. More information about Piedmont Natural Gas is available on the Internet at http://www.piedmontng.com/.

SOURCE Piedmont Natural Gas