ARX:

Dividend Reinvestment Plan and Stock Dividend Program

On February 8, 2017, ARC's Board of Directors approved the elimination of the Dividend Reinvestment Plan ("DRIP") and Stock Dividend Program ("SDP"). Elimination of the DRIP and SDP will be effective for the March 2017 dividend, payable on April 17, 2017 to shareholders of record on March 31, 2017. The ex-dividend date is March 29, 2017. Shareholders that were enrolled in either program will automatically receive dividend payments in the form of cash.

Prior to elimination, ARC offered the DRIP and SDP as optional plans for its shareholders. Shareholders were able to receive dividend payments in cash or reinvest their cash dividends into additional common shares of ARC pursuant to the DRIP.  Alternatively, shareholders could elect to receive common shares of ARC in lieu of cash dividends pursuant to the SDP.

The following table outlines each of the three options previously available to ARC’s shareholders with respect to receipt of dividend payments.

  Cash DRIP SDP
Participation (1) Default Optional Optional
Eligibility All Shareholders U.S. citizens or residents are not eligible to participate in ARC's DRIP All Shareholders with the exception of residents in certain U.S. States
Tax Treatment for Canadian Residents(2) Full amount of dividend is included in income in the year the cash dividend is received Full amount of reinvested dividend is included in income in the year the cash dividend is received and reinvested

No material amount expected to be included in income in the year the stock dividend is received May increase a capital gain (or decrease a capital loss) realized on a subsequent disposition of the common shares received

Price and Fees(3) Monthly cash dividends issued at $0.05/share No applicable fees Dividends reinvested at the five day weighted average trading price No brokerage fees Shares issued at the five day weighted average trading price No brokerage fees
Enrollment Not applicable Full or Partial(4) - Election required Full or Partial(4) - Election required(5)
(1) On February 8, 2017, ARC's Board of Directors approved the elimination of the DRIP and SDP. Elimination of the DRIP and SDP will be effective for the March 2017 dividend, payable on April 17, 2017 to shareholders of record on March 31, 2017. The ex-dividend date is March 29, 2017. Shareholders that were enrolled in either program will automatically receive dividend payments in the form of cash. 
(2) All shareholders are encouraged to consult their own tax advisors regarding the tax consequences to them of any of these options.
(3) Prior to July 31, 2014 effective discount rate was 5%. Rate changed to 3% effective August 29, 2014 record date. Discount was eliminated effective December 30, 2016 record date.
(4) Shareholders who participate in the SDP will not be able to participate in the DRIP; however, a shareholder is entitled to participate in the SDP or the DRIP with respect to a portion of their shares and to receive cash dividends with respect to the remainder of their shares.
(5) Beneficial Shareholders will need to contact their financial intermediary to determine whether they will be able to participate in the SDP.

Monthly DRIP and SDP Information

  • 2017
    Record Date Payment Date Weighted AVG CDN$ DRIP and SDP Price
    January 2017 02/15/2017 20.2974
    Februrary 201703/15/2017 19.1425
  • 2016
    Record Date Payment Date Weighted AVG CDN$ DRIP and SDP Price
    January 2016 02/16/2016 16.7468
    February 2016 03/15/2016 18.4995
    March 2016 04/15/2016 18.3839
    April 2016 05/16/2016 19.8381
    May 2016 06/15/2016 20.4394
    June 2016 07/15/2016 21.7781
    July 2016 08/15/2016 22.9250
    August 2016 09/15/2016 21.6192
    September 2016 10/17/2016 23.1568
    October 2016 11/15/2016 22.5563
    November 2016 12/15/2016 23.0262
    December 2016 01/16/2017 21.6195
  • 2015
    Record Date Payment Date Weighted AVG CDN$ DRIP and SDP Price
    January 2015 02/17/2015 23.7232
    February 2015 03/16/2015 21.4912
    March 2015 04/15/2015 22.2114
    April 2015 05/15/2015 22.6244
    May 2015 06/15/2015 21.3869
    June 2015 07/15/2015 20.5908
    July 2015 08/17/2015 19.1787
    August 2015 09/15/2015 17.4145
    September 2015 10/15/2015 21.0582
    October 2015 11/16/2015 17.5605
    November 2015 12/15/2015 15.7870
    December 2015 01/15/2016 14.8152
  • 2014
    Record Date Payment Date Weighted AVG CDN$ DRIP and SDP Price
    January 2014 02/18/2014 27.9465
    February 2014 03/17/2014 27.7139
    March 2014 04/15/2014 30.0603
    April 2014 05/15/2014 29.5909
    May 2014 06/16/2014 31.0477
    June 2014 07/15/2014 29.0768
    July 2014 08/15/2014 28.8256
    August 2014 09/15/2014 29.2855
    September 2014 10/15/2014 26.2980
    October 2014 11/17/2014 27.1680
    November 2014 12/15/2014 23.1252
    December 2014 01/15/2015 21.3060
  • 2013
    Record Date Payment Date Weighted AVG CDN$ DRIP and SDP Price*
    January 2013 02/15/2013 23.2847
    February 2013 03/15/2013 25.2039
    March 2013 04/15/2013 25.4842
    April 2013 05/15/2013 25.5277
    May 2013 06/17/2013 25.5793
    June 2013 07/15/2013 26.5524
    July 2013 08/15/2013 24.2182
    August 2013 09/16/2013 25.0580
    September 2013 10/15/2013 25.0192
    October 2013 11/15/2013 27.9578
    November 2013 12/16/2013 27.1866
    December 2013 01/15/2014 27.0002
    *The SDP will take effect for the May 31, 2013 record date.
  • 2012
    Record Date Payment Date Weighted AVG CDN$ Price
    January 2012 02/15/2012 22.8703
    February 2012 03/15/2012 23.0084
    March 2012 04/16/2012 19.9345
    April 2012 05/15/2012 19.2464
    May 2012 06/15/2012 19.1020
    June 2012 07/15/2012 21.3457
    July 2012 08/15/2012 22.4093
    August 2012 09/15/2012 22.2502
    September 2012 10/15/2012 22.8720
    October 2012 11/15/2012 22.3202
    November 2012 12/17/2012 23.1424
    December 2012 01/15/2013 22.3462
  • 2011
    Record Date Payment Date Weighted AVG CDN$ Price
    January 2011 02/15/2011 24.03
    February 2011 03/15/2011 25.42
    March 2011 04/15/2011 24.34
    April 2011 05/16/2011 23.26
    May 2011 06/15/2011 24.59
    June 2011 07/15/2011 23.33
    July 2011 08/15/2011 21.96
    August 2011 09/15/2011 22.0363
    September 2011 10/17/2011 20.86
    October 2011 11/15/2011 23.8669
    November 2011 12/16/2011 24.2917
    December 2011 01/16/2012 23.0871
  • 2010
    Record Date Payment Date Weighted AVG CDN$ Price
    December 2009 01/15/2010 20.0777
    January 2010 02/15/2010 19.5361
    February 2010 03/15/2010 20.9337
    March 2010 04/15/2010 20.0549
    April 2010 05/17/2010 19.9276
    May 2010 06/15/2010 19.5815
    June 2010 07/15/2010 18.9022
    July 2010 08/16/2010 18.8008
    August 2010 09/15/2010 19.0964
    September 2010 10/15/2010 19.8235
    October 2010 11/15/2010 21.9632
    November 2010 12/15/2010 23.3971
    December 2010 01/17/2011 24.0052
  • 2009
    Record Date Payment Date Weighted AVG CDN$ Price
    December 2008 01/15/2009 18.3349
    January 2009 02/17/2009 15.1574
    February 2009 03/16/2009 11.5689
    March 2009 04/15/2009 13.9222
    April 2009 05/15/2009 15.9774
    May 2009 06/15/2009 17.6170
    June 2009 07/15/2009 15.5500
    July 2009 08/17/2009 16.8992
    August 2009 09/15/2009 16.5376
    September 2009 10/15/2009 19.3572
    October 2009 11/15/2009 19.2499
    November 2009 12/15/2009 18.6716
  • 2008
    Record Date Payment Date Weighted AVG CDN$ Price
    December 2007 01/15/2008 19.6468
    January 2008 02/15/2008 21.4696
    February 2008 03/17/2008 23.7637
    March 2008 04/15/2008 24.4223
    April 2008 05/15/2008 27.1968
    May 2008 06/16/2008 29.0455
    June 2008 07/15/2008 29.5347
    July 2008 08/15/2008 27.3264
    August 2008 09/15/2008 24.5829
    September 2008 10/15/2008 16.6714
    October 2008 11/17/2008 18.2456
    November 2008 12/15/2008 16.5199
  • 2007
    Record Date Payment Date Weighted AVG CDN$ Price
    December 2006 01/15/2007 19.5500
    January 2007 02/15/2007 21.2825
    February 2007 03/15/2007 19.5054
    March 2007 04/16/2007 20.0734
    April 2007 05/15/2007 21.0092
    May 2007 06/15/2007 21.3028
    June 2007 07/16/2007 20.9727
    July 2007 08/15/2007 19.2914
    August 2007 09/17/2007 19.5136
    September 2007 10/15/2007 19.6955
    October 2007 11/15/2007 19.1494
    November 2007 12/17/2007 18.1966
  • 2006
    Record Date Payment Date Weighted AVG CDN$ Price
    December 2005 01/16/2006 24.9240
    January 2006 02/15/2006 25.1942
    February 2006 03/15/2006 24.8819
    March 2006 04/17/2006 25.8522
    April 2006 05/15/2006 25.3975
    May 2006 06/15/2006 25.3085
    June 2006 07/17/2006 26.3681
    July 200608/15/200628.5777
    August 2006 09/15/2006 26.0101
    September 2006 10/16/2006 24.3723
    October 2006 11/15/2006 20.4987
    November 2006 12/15/2006 21.7509
  • 2005
    Record Date Payment Date Weighted AVG CDN$ Price
    December 2004 01/17/2005 17.0221
    January 2005 02/15/2005 18.8224
    February 2005 03/15/2005 17.6124
    March 2005 04/15/2005 16.7266
    April 2005 05/16/2005 17.0877
    May 2005 06/15/2005 18.1494
    June 2005 07/15/2005 19.7409
    July 2005 08/15/2005 21.7008
    August 2005 09/15/2005 22.3982
    September 2005 10/17/2005 21.0732
    October 2005 11/15/2005 21.4056
    November 2005 12/15/2005 25.4609
  • 2004
    Record Date Payment Date Weighted AVG CDN$ Price
    December 2003 01/15/2004 13.7697
    January 2004 02/15/2004 13.7129
    February 2004 03/15/2004 14.6419
    March 2004 04/15/2004 14.5599
    April 2004 05/17/2004 14.2033
    May 2004 06/15/2004 13.8876
    June 2004 07/15/2004 14.63694
    July 2004 08/16/2004 15.0416
    August 2004 09/15/2004 15.4095
    September 2004 10/15/2004 15.9997
    October 2004 11/15/2004 15.3423
    November 2004 12/15/2004 16.0418
  • 2003
    Record Date Payment Date Weighted AVG CDN$ Price
    December 2002 01/15/2003 12.0461
    January 2003 02/17/2003 11.5482
    February 2003 03/17/2003 11.5837
    March 2003 04/15/2003 11.5200
    April 2003 05/15/2003 12.2954
    May 2003 06/16/2003 12.3997
    June 2003 07/15/2003 12.6355
    July 2003 08/15/2003 13.1460
    August 2003 09/15/2003 12.6555
    September 2003 10/15/2003 12.99904
    October 2003 11/16/2003 12.7233
    November 2003 12/15/2003 13.0813
  • 2002
    Record Date Payment Date Weighted AVG CDN$ Price
    December 2001 01/15/2002 12.1668
    January 2002 02/15/2002 12.1615
    February 2002 03/15/2002 12.6241
    March 2002 04/15/2002 12.8158
    April 2002 05/15/2002 12.3228
    May 2002 06/15/2002 11.9995
    June 2002 07/15/2002 12.7655
    July 2002 08/15/2002 12.5565
    August 2002 09/15/2002 12.4766
    September 2002 10/15/2002 12.2012
    October 2002 11/15/2002 11.5936
    November 2002 12/15/2002 11.2594
  • 2001
    Record Date Payment Date Weighted AVG CDN$ Price
    December 2000 01/15/2001 11.2000
    January 2001 02/15/2001 11.7781
    February 2001 03/15/2001 11.4040
    March 2001 04/15/2001 11.8199
    April 2001 05/15/2001 13.4438
    May 2001 06/15/2001 12.8146
    June 2001 07/15/2001 11.4965
    July 2001 08/15/2001 12.4705
    August 2001 09/15/2001 12.1000
    September 2001 10/15/2001 11.3314
    October 2001 11/15/2001 11.1387
    November 2001 12/15/2001 11.6077
  • 2000
    Record Date Payment Date Weighted AVG CDN$ Price
    May 2000 06/15/2000 10.2408
    June 2000 07/15/2000 10.6251
    July 2000 08/15/2000 10.8600
    August 2000 09/15/2000 11.8300
    September 2000 10/15/2000 11.5465
    October 2000 11/15/2000 11.3500
    November 2000 12/15/2000 11.3218