VALLEY FORGE, Pa.--(BUSINESS WIRE)--
UGI Corporation’s (NYSE: UGI) board of directors has approved a plan to
issue three common shares for every two common shares outstanding. The
new shares are distributable September 5, 2014 to shareholders of record
as of August 22, 2014.
In addition, UGI’s board of directors has approved an increase of over
10% in the annual dividend rate on its common stock from $1.18 to
approximately $1.30 on a pre-split basis, or from approximately $0.79 to
$0.87 per share, respectively, after the split. The new quarterly
dividend of approximately $0.3263 per share on a pre-split basis, or
$0.2175 per share after the split, is payable October 1, 2014 to
shareholders of record on September 15, 2014.
John L. Walsh, president and chief executive officer of UGI, said, “This
significant dividend increase in combination with the stock split
reflects our board’s confidence in the company’s future prospects. We
believe the dividend increase strikes a balance between income and
growth, and we remain confident that we will achieve our stated
objectives of growing earnings per share at a long-term average of 6% to
10% per year and growing our dividend at a rate of 4% per year.”
UGI is a distributor and marketer of energy products and services.
Through subsidiaries, UGI operates natural gas and electric utilities in
Pennsylvania, distributes propane both domestically and internationally,
manages midstream energy and electric generation assets in Pennsylvania,
and engages in energy marketing in the Mid-Atlantic region. UGI, through
subsidiaries, is the sole General Partner and owns 26% of AmeriGas
Partners, L.P. (NYSE:APU), the nation's largest retail propane
Comprehensive information about UGI Corporation is available on the
Internet at http://www.ugicorp.com.
Daniel Platt, 610-337-1000 ext. 1029
Oates, 610-337-1000 ext. 3202
Source: UGI Corporation