ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwired - Dec. 28, 2017) - Fortis Inc. ("Fortis" or the "Corporation") (TSX:FTS)(NYSE:FTS), based in St. John's, NL, is celebrating its 30th year of trading on Toronto Stock Exchange ("TSX"). Fortis began trading on TSX on December 29, 1987 when each Newfoundland Light & Power Co. Limited common share was exchanged for one common share in the Corporation. At that time, Fortis became the parent company of Newfoundland Light and Power Co. Limited, known today as Newfoundland Power.
"In the early days of Fortis, the vision was to identify and execute on new and emerging growth opportunities," said Barry Perry, President and Chief Executive Officer, Fortis. "We believed we had the fortitude and diligence to expand our business beyond Newfoundland and Labrador. Since that time we've grown significantly, becoming a leader in the North American regulated electric and gas utility industry with nearly $20 billion in market capitalization."
Mr. Perry said early efforts led to the expansion of our business across Canada with acquisitions in Prince Edward Island, Ontario, Alberta and British Columbia, making Fortis the largest investor-owned regulated electric and gas utility in the country. The Corporation also increased its footprint with operations in the Cayman Islands, Turks and Caicos and Belize in the Caribbean.
"In the last five years, Fortis has completed a successful expansion into the United States, with operations in nine U.S. states. The Corporation continues to deliver on its vision of creating shareholder value and growth, while providing safe, reliable and cost-effective energy to over 3 million electric and gas customers." Fortis is now among the top 15 investor-owned North American utilities based on enterprise value.
Since 1987 our assets have grown from C$390 million to C$47 billion today. The Corporation's initial share price on the TSX was $4.69 compared to $46.00 reached on December 27, 2017 representing a total shareholder return of over 3,850% during that period.
"Toronto Stock Exchange congratulates Fortis, a true made-in-Canada success story, on reaching this fantastic milestone," said Nick Thadaney, President & CEO, Global Equity Capital Markets, TMX Group. "We are proud to partner with companies from across the country and around the world to help support their growth aspirations as they pursue their business goals and work to shape the future. TSX looks forward to serving the needs of Fortis and its investors for the next 30 years and beyond."
Fortis was initially listed on the Toronto and Montreal Stock Exchanges. In 2005, the Corporation announced a four-for-one common stock split, reflecting strong growth of the stock, and allowing for an increase in the number of shares available for trading.
In October 2016, Fortis commenced trading on the New York Stock Exchange ("NYSE") in addition to TSX. The Corporation has a proven track record of providing value to shareholders with 44 years of consecutive common share dividend payment increases.
In the 1987 report to shareholders, our founding President and CEO, the late Dr. Angus Bruneau stated, "Fortis is Latin for physical strength. It is our goal as we look to the future to ensure that Fortis will also come to mean strength of tradition, of management, of commitment, of service, and of achievement."
"Thirty years later, Fortis continues to operate with these goals and values at our core. While our business now takes us throughout North America, we proudly remain headquartered in Newfoundland and Labrador. I believe our founders would be very proud of Fortis today," said Mr. Perry.
Fortis is a leader in the North American regulated electric and gas utility industry with total assets of approximately C$47 billion as of September 30, 2017. The Corporation's more than 8,000 employees serve utility customers in five Canadian provinces, nine U.S. states and three Caribbean countries.