PORT HURON, Mich., Oct. 18 /PRNewswire-FirstCall/ -- SEMCO ENERGY, Inc.
(NYSE: SEN) today announced that the Dividend Declaration Committee of the
Company's Board of Directors has declared a regular quarterly dividend payable
on the Company's 5% Series B Convertible Cumulative Preferred Stock. The
dividend is payable on the date upon which the Effective Time of the Share
Exchange occurs or November 15, 2007, whichever is earlier, for the period
from August 16, 2007, to the Effective Time of the Share Exchange or to
November 15, 2007, whichever is earlier, at a rate of $2.50 per share, to
holders of record of the Preferred Stock at the close of business on November
1, 2007. Additionally, if the Effective Time of the Share Exchange occurs
prior to November 15, 2007, the dividend shall be reduced by a rate of
$0.02778 per share of Preferred Stock per each day that the Effective Time
precedes November 15, 2007.
SEMCO ENERGY, Inc. distributes natural gas to more than 400,000 customers
combined in Michigan, as SEMCO ENERGY GAS COMPANY, and in Alaska, as ENSTAR
Natural Gas Company. It also owns and operates businesses involved in propane
distribution, intrastate pipelines and natural gas storage in various regions
of the United States.
The following is a "Safe-Harbor" statement under the Private Securities
Litigation Reform Act of 1995. This release contains forward-looking
statements that involve risks and uncertainties. Statements that are not
historic facts, including statements about the Company's outlook, beliefs,
plans, goals and expectations, are forward-looking statements. Factors that
may impact forward-looking statements include, but are not limited to, the
effects of weather, the economic climate, competition, commodity prices,
changing conditions in the capital markets, regulatory approval processes,
success in obtaining new business, success in defending claims against the
Company, inability to complete the acquisition of the Company by Cap Rock
Holding Corporation and other risks detailed from time to time in the
Company's Securities and Exchange Commission filings.
SOURCE SEMCO ENERGY, Inc.
CONTACT: Analysts, Thomas Connelly, Director of Investor Relations,
248-458-6163; Media, Timothy Lubbers, Director of Marketing & Corporate
Communications, 810-887-4208, both of SEMCO ENERGY, Inc.