CALGARY, Feb. 23, 2017 /CNW/ - Mosaic Capital Corporation
("Mosaic") (TSX-V Symbols: M and M.DB) is
pleased to announce that its Board of Directors has approved
changing the common share dividend payments from a quarterly basis
to a monthly basis and will increase the common share dividend, on
an annual basis, by 5% from $0.40 per
annum to $0.42 per annum.
The final quarterly dividend will be in the amount of
$0.105 per share ($0.42 per share on an annualized basis).
This quarterly dividend will be for shareholders of record as of
March 15, 2017 and will be paid
March 31, 2017.
The first monthly dividend payment of $0.035 per share ($0.42 per share on an annualized basis) will be
paid on April 28, 2017 to
shareholders of record on April 14,
2017.
The objective of paying a dividend is to allow common
shareholders of the company to participate in our free cash flow,
while ensuring Mosaic retains sufficient capital to preserve its
strong balance sheet, continue its acquisition strategy and fund
organic growth.
Mosaic's Dividend Reinvestment Plan announced on December 6, 2016 will continue to be offered to
shareholders. The Plan provides eligible shareholders of Mosaic
with an opportunity to receive, by reinvesting the cash dividends
declared payable on their common shares of Mosaic, additional
common shares of Mosaic. The Plan allows Mosaic to elect to have
the common shares of Mosaic purchased on the open market or issued
from treasury.
Registered shareholders who wish to enroll in the Plan must
notify Computershare Trust Company of Canada by providing a duly completed
enrollment form, a copy of which is available on Mosaic's website
at www.mosaiccapitalcorp.com.
Mosaic's dividend is designated by the Corporation to be an
eligible dividend for the purpose of the Income Tax Act
(Canada) and any similar
provincial or territorial legislation. An enhanced dividend
tax credit applies to eligible dividends paid to Canadian
residents.
ABOUT MOSAIC CAPITAL CORPORATION
Mosaic is a Canadian investment company that owns a portfolio of
established businesses which span a diverse range of industries and
geographies. Mosaic's strategy is to create long-term value for its
shareholders through accretive acquisitions, long-term portfolio
ownership, sustained cash flows and organic portfolio growth.
Mosaic achieves its objectives by maintaining financial discipline,
acquiring businesses at attractive valuations, performing extensive
acquisition due diligence, utilizing creative transaction
structuring and working closely with subsidiary businesses after
acquisition.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release may contain forward-looking statements and
forward-looking information, including statements and information
regarding the future business plans and operations, as well as
opportunities and prospects, of Mosaic and its subsidiaries. The
words "believe", "expect", "intend", "estimate", "anticipate",
"project", "scheduled", and similar expressions, as well as future
or conditional verbs such as "will", "should", "would", and "could"
often identify forward-looking statements and forward-looking
information. More particularly, and without limitation, this press
release contains forward-looking statements and information
respecting: Mosaic's intention to pay dividends monthly instead of
quarterly and to increase its common share dividend from
$0.40 per share to $0.42 per share on an annualized basis, as well
as the aforementioned upcoming dividend declarations.
The forward-looking statements and information herein contained
are only predictions and reflect the current beliefs of management
with respect to future events and are based on information
currently available to management. Actual results and events may
differ materially from those contemplated by these forward-looking
statements and information due to these statements and information
being subject to a number of risks and uncertainties. Undue
reliance should not be placed on these forward-looking statements
and forward-looking information as there can be no assurance that
the plans, intentions or expectations upon which they are based
will occur. By their nature forward-looking statements and
information involve numerous assumptions and known and unknown
risks and uncertainties, both general and specific, that contribute
to the possibility that the plans, predictions, projections and
other forward-looking statements and information will not occur or
come to fruition. These risks and uncertainties include, but are
not limited to, general business and economic conditions in
geographic areas where Mosaic and its subsidiaries have operations;
pricing pressures and other competitive factors; third parties
failing to honour their contractual obligations with Mosaic and its
subsidiaries; the availability and cost of qualified labour; the
continued ability of Mosaic's subsidiaries to retain existing, and
secure new, business; results of management's on-going efforts to
sell, re-lease, lease and improve real estate owned and being
acquired indirectly by Mosaic through its subsidiaries; legislative
or regulatory developments; changes in prevailing interest rates;
and the availability and terms of financing. Should any of the
risks or uncertainties facing Mosaic and its subsidiaries
materialize, or should assumptions underlying the forward-looking
statements or information prove incorrect, actual results,
performance, activities or achievements could vary materially from
those expressed or implied by the forward-looking statements or
information contained in this press release.
Readers are cautioned that the foregoing list of risks is not
exhaustive. Additional information on these and other factors that
could affect the operations or financial results of Mosaic and its
subsidiaries, and which could contribute to the possibility that
the plans, predictions and other forward-looking statements and
information herein contained will not occur, are included in
reports on file with applicable securities regulatory authorities
and may be accessed through the SEDAR website (www.sedar.com) under
the profile for Mosaic.
Although Mosaic believes that the expectations represented by
any forward-looking-statements and forward-looking information
contained herein are reasonable based on the information available
to them on the date of this press release, management cannot assure
investors that actual results, performance or achievements will be
consistent with these forward-looking statements or forward-looking
information. Any forward-looking statements or information herein
contained are presented as of the date of this press release and
Mosaic does not assume any obligation to update or revise them to
reflect new information, events or circumstances, except as
required by law.
SOURCE MOSAIC CAPITAL CORPORATION