KELOWNA,
BC, June 22, 2023 /CNW/ - Decisive Dividend
Corporation (TSXV: DE) ("Decisive" or the
"Corporation") is pleased to announce that its Board of
Directors approved an increase in its regular monthly dividend to
$0.04 per common share, commencing
for its August 2023 monthly dividend.
The increase in the monthly dividend will represent annualized
dividends of $0.48 per common share,
up 14% from the previous level set in March
2023 at $0.42 per common share
on an annualized basis. The increase reflects the Corporation's
year-to-date 2023 operating performance and is consistent with
Decisive's objective of providing shareholders with long-term,
sustainable, and growing dividends.
Jeff Schellenberg, Chief
Executive Officer of Decisive, noted:
"Our year-to-date operating performance has put us in a
position where we can increase the monthly dividend for the second
time in 2023. Our ability to do so is premised on the growth in our
cash flows and strengthening payout ratio resulting from our
year-to-date 2023 operating results as well as the backlog of
demand across our ten portfolio businesses, including the
three businesses acquired at the beginning of April 2023. Increasing annualized
dividends from $0.36 per share to
$0.42 per share effective for the
April 2023 dividend, and now to
$0.48 per share effective for the
August 2023 dividend demonstrates our
commitment to provide sustainable and growing dividends to our
shareholders."
The $0.035 per common share
dividend declared and announced on June 15,
2023, payable on July 14, 2023
to shareholders of record at the close of business on June 30, 2023, remains unchanged. The increased
monthly dividend of $0.04 per share
is effective for the August 2023
dividend payment and will be payable on August 15, 2023, to the shareholders of record at
the close of business on July 31,
2023.
The Corporation also announced today the voting results on the
election of directors from its annual general and special meeting
of shareholders held on June 22, 2023
(the "2023 AGM").
A total of 8,190,292 common shares representing 47.1% of the
Corporation's issued and outstanding shares were represented in
person or by proxy at the 2023 AGM. Shareholders approved all items
of business before the 2023 AGM, including the election of
directors as follows:
|
Nominee
|
# Votes For
|
% For
|
|
James
Paterson
|
8,146,573
|
99.4 %
|
|
Terry
Edwards
|
8,097,742
|
98.9 %
|
|
Michael
Conway
|
8,148,077
|
99.5 %
|
|
Timothy
Pirie
|
8,127,111
|
99.3 %
|
|
Bruce
Campbell
|
8,176,604
|
99.9 %
|
|
Warren
Matheos
|
8,149,444
|
99.5 %
|
|
Robert Louie
|
8,167,273
|
99.7 %
|
|
Peter
Jeffrey
|
8,108,625
|
99.0 %
|
|
Jeff
Schellenberg
|
8,163,184
|
99.7 %
|
In terms of the other results of the 2023 AGM, shareholders
approved:
|
(i)
|
the fixing of the
number of directors of the Corporation at nine;
|
|
(ii)
|
the re-appointment of
the auditors of the Corporation for the ensuing year;
|
|
(iii)
|
the renewal of the
second amended and restated equity incentive plan dated September
22, 2022, pursuant to which the Corporation may issue deferred
share units, restricted share units and stock options equal to up
to 10% of the issued and outstanding shares from time to time (less
the number of compensation shares issuable under the employee
share purchase plan); and
|
|
(iv)
|
the fifth amended and
restated employee share purchase plan dated June 22, 2023, which:
(i) authorizes the Corporation to issue a maximum of 140,000 shares
on the purchase date in 2024, (plus an aggregate maximum of 80,000
shares issuable as additional shares and phantom dividend shares)
thereon; and (ii) continues to authorize the issuance of a maximum
of 75,000 additional or phantom shares in respect of the shares
issued on the purchase date in 2022.
|
About Decisive Dividend Corporation
Decisive Dividend Corporation is an acquisition-oriented
company, focused on opportunities in manufacturing. The
Corporation's purpose is to be the sought-out choice for exiting
legacy-minded business owners, while supporting the long-term
success of the businesses acquired, and through that, creating
sustainable and growing shareholder returns. The Corporation uses a
disciplined acquisition strategy to identify already profitable,
well-established, high quality manufacturing companies that
have a sustainable competitive advantage, a focus on
non-discretionary products, steady cash flows, growth potential and
established, strong leadership.
For more information on Decisive, or to sign up for email
notifications of Corporation press releases, please visit
www.decisivedividend.com.
Cautionary Statements
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the contents of this News Release.
This press release contains forward-looking statements. These
statements relate to the monthly dividend policy adopted by the
directors of the Corporation. The declaration and payment of
dividends are subject to a number of risks, uncertainties and
assumptions, including without limitation the financial performance
and condition of the Corporation, the satisfaction of covenants
under the Corporation's credit facility and solvency tests under
applicable corporate law. There can be no assurance that the
directors of the Corporation will declare or pay any dividends in
the future or, if dividends are declared and paid, there can be no
assurance as to the frequency or amount of such dividends. The
forward-looking statements contained in this press release are made
as of the date hereof and the Corporation is not obligated to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by applicable securities laws. Because of the risks,
uncertainties and assumptions contained herein, investors should
not place undue reliance on forward-looking
information.
SOURCE Decisive Dividend Corporation
