Commencing in September 2009, the Company offers a dividend reinvestment and cash purchase plan (“the DRIP”) for its regular monthly dividend. The DRIP provides eligible shareholders of EIC with the opportunity to reinvest the dividends they receive on common shares (“EIC Shares”) of the Company in additional EIC Shares at a discount to the market price of the EIC Shares and without incurring brokerage fees or commissions.
Only shareholders of the Company who are residents of Canada are eligible to participate in the DRIP. Under the terms of the DRIP, eligible shareholders may elect to reinvest distributions paid on EIC Shares in additional EIC Shares at a price equal to 97% of the volume weighted average closing trading price (the “Average Closing Price”) of the EIC Shares on the Toronto Stock Exchange (the “TSX”) for the five trading days preceding the dividend payment date.
The DRIP also permits eligible shareholders of the Company to purchase new EIC Shares at a price equal to the average closing trading price of the EIC Shares on the TSX by way of an additional cash payment. The purchase price for additional cash purchases will be the Average Closing Price of the EIC Shares and no brokerage fees or commissions will apply to such purchases under the DRIP. The minimum permitted monthly optional cash purchase is $100, and no participant may make optional cash purchases in excess of $10,000 in one calendar year. The aggregate number of EIC Shares purchased pursuant to optional cash payments during any financial year is subject to a maximum of two (2) percent of the total number of outstanding EIC Shares at the commencement of such financial year.
EIC Shares purchased through the DRIP will be issued directly from the treasury of the Company.
Registered shareholders of the Company may enroll by completing the enrollment form which can be found via CST Trust Company’ s website or by contacting CST Trust Company directly. Beneficial shareholders of the Company are encouraged to contact their broker or other intermediary for enrolment information.