Dividend Rate is Temporarily Reduced
TORONTO, Sept. 18,
2023 /CNW/ - Chesswood Group Limited
("Chesswood" or the "Company") (TSX: CHW) today
announced that a dividend in an amount of one cent ($0.01)
per share has been declared for the month of September, payable on
October 16, 2023, to shareholders of
record at the close of business on September
29, 2023.
Chesswood advises that the dividend declared for the month
ending September 30, 2023 will be an
eligible dividend for the purposes of the Income Tax Act
(Canada) and any similar
provincial legislation.
As noted in the Company's news release announcing the dividend
for August, the actions by central banks to significantly raise
interest rates has affected the business climate generally and has
temporarily compressed our net interest margins. As contemplated in
that news release, management and our directors conducted a
thorough evaluation of our portfolio performance and various
interest rate scenarios on our profitability and concluded that a
temporary adjustment to our dividend rate was warranted in order to
proactively address this period of macroeconomic uncertainty.
"This temporary measure will allow us to conserve capital and
focus on various growth opportunities in the near term that will
ultimately enhance long-term shareholder value," said Ryan Marr, Chesswood's President and CEO.
ABOUT CHESSWOOD GROUP
LIMITED
Chesswood Group Limited is a Toronto,
Canada based holding company whose subsidiaries engage in
the business of specialty finance (including equipment finance
throughout North America and
vehicle finance and legal sector finance in Canada), as well as the origination and
management of private credit alternatives for North American
investors. Our shares trade on the Toronto Stock Exchange (under
the symbol CHW).
For information on Chesswood Group Limited and its operating
subsidiaries:
www.ChesswoodGroup.com
www.PawneeLeasing.com
www.TandemFinance.com
www.VaultPay.ca
www.VaultCredit.com
www.Rifco.net
www.WaypointInvestmentPartners.com
www.EasyLegal.ca
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY
AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED
HEREIN
SOURCE Chesswood Group Limited
