PITTSBURGH, May 21 / -- The Board of Directors of Duquesne Light Holdings (NYSE:DQE) today declared a special pro rata dividend to ensure that shareholders continue to receive dividends at the current rate until the closing of the company's merger with a consortium led by Macquarie Infrastructure Partners and The DUET Group.
In accordance with the merger agreement, the board declared a pro rata dividend of $0.00274725 per share, per day, from March 10, 2007, the date immediately following the prior Duquesne Light Holdings record date, until and including the day prior to the effective date of the merger. The companies currently anticipate closing the merger on May 31, 2007. If the merger is completed on that date, the pro rata dividend will be $0.2252745 per share. The pro rata dividend, which is the daily equivalent of the current quarterly dividend rate of $0.25 per share, will be paid as soon as practical following completion of the merger.
The pro rata dividend declaration is contingent on the completion of the merger prior to June 8, 2007, the next regularly scheduled dividend record date for Duquesne Light Holdings. In the event that the merger has not closed on or before June 7, Duquesne Light Holdings shareholders of record on June 8, 2007, will receive the regular quarterly dividend of $0.25 per share, payable on July 1, 2007. If that is the case, the Holdings board will declare a new pro rata dividend to ensure that shareholders receive their dividend at the current rate until the merger is completed.
About Duquesne Light Holdings
Duquesne Light Holdings is comprised of an electric-utility company and affiliate companies that complement the core business. Duquesne Light Company, its principal subsidiary, is a leader in the transmission and distribution of electric energy, offering superior customer service and reliability to more than half a million customers in southwestern Pennsylvania.
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Source: Duquesne Light Holdings
CONTACT:Media, Joseph Vallarian, +1-412-232-6848, or Financial Community, Darrin Duda, CFA, +1-412-393-1158, both of Duquesne Light Holdings