Diversified Royalty Corp. Announces February 2020 Cash Dividend and Q4 2019 Earnings Release Date
05 February 2020 - 12:00AM
Diversified Royalty Corp. (TSX: DIV and DIV.DB) (the
“Corporation” or “DIV”) is pleased to announce that its board of
directors has approved a cash dividend of $0.01917 per common share
for the period of February 1, 2020 to February 29, 2020, which is
equal to $0.23 per common share on an annualized basis. The
dividend will be paid on February 28, 2020 to shareholders of
record on February 13, 2020.
Q4 2019 Earnings Release Date
DIV will release earnings results for the three
months and year ended December 31, 2019 following the closing of
regular trading on the Toronto Stock Exchange on March 12,
2020.
About Diversified Royalty Corp.
DIV is a multi-royalty corporation, engaged in
the business of acquiring top-line royalties from well-managed
multi-location businesses and franchisors in North America. DIV’s
objective is to acquire predictable, growing royalty streams from a
diverse group of multi-location businesses and franchisors.
DIV currently owns the Mr. Lube, AIR MILES®,
Sutton, Mr. Mikes and Nurse Next Door trademarks. Mr. Lube is the
leading quick lube service business in Canada with 185 locations
across Canada and over $235 million of annual system sales. AIR
MILES® is Canada’s largest coalition loyalty program with over 200
leading brand-name sponsors; approximately two-thirds of Canadian
households actively participate in the AIR MILES® Program. Sutton
is among the leading residential real estate brokerage franchisor
businesses in Canada with over 200 offices across Canada. Mr. Mikes
operates 45 casual steakhouse restaurants primarily in western
Canadian communities with over $85 million of annual system sales.
Nurse Next Door is one of North America’s fastest growing home care
providers and operates over 180 locations across Canada, the United
States and Australia with over $100 million of annual system
sales.
DIV expects to increase cash flow per share by
making accretive royalty purchases and through the growth of
purchased royalties. DIV expects to pay a predictable and stable
dividend to shareholders and increase the dividend as cash flow per
share increases allow.
Forward Looking Statements
Certain statements contained in this news
release may constitute “forward-looking information” within the
meaning of applicable securities laws that involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking information. The use
of any of the words “anticipate”, “continue”, “estimate”, “expect”,
“intend”, “may”, “will”, ”project”, “should”, “believe”,
“confident”, “plan” and “intends” and similar expressions are
intended to identify forward-looking information, although not all
forward-looking information contains these identifying words.
Specifically, forward-looking information in this news release
includes, but is not limited to, statements made in relation to:
the amount and timing of the February 2020 dividend to be paid to
DIV’s shareholders; the timing of the release of DIV’s earnings
results for the three months and year ended December 31, 2019;
DIV’s ability to pay a predictable and stable dividend to
shareholders; and DIV’s corporate objectives. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events, performance, or
achievements of DIV to differ materially from those anticipated or
implied by such forward-looking information. DIV believes that the
expectations reflected in the forward-looking information included
in this news release are reasonable but no assurance can be given
that these expectations will prove to be correct. In particular
there can be no assurance that: DIV will be able to make monthly
dividend payments to the holders of its common shares; or DIV will
achieve any of its corporate objectives. Given these uncertainties,
readers are cautioned that forward-looking information included in
this news release are not guarantees of future performance, and
such forward-looking information should not be unduly relied upon.
More information about the risks and uncertainties affecting
DIV’s business and the businesses of its royalty partners can be
found in the “Risk Factors” section of its Annual Information Form
dated March 11, 2019, and the “Risk Factors” section of its
management’s discussion and analysis for the three and nine months
ended September 30, 2019 that are available under DIV’s profile on
SEDAR at www.sedar.com.
In formulating the forward-looking information
contained herein, management has assumed that business and economic
conditions affecting DIV and its royalty partners will continue
substantially in the ordinary course, including without limitation
with respect to general industry conditions, general levels of
economic activity and regulations. These assumptions, although
considered reasonable by management at the time of preparation, may
prove to be incorrect.
All of the forward-looking statements made in
this news release are qualified by these cautionary statements and
other cautionary statements or factors contained herein, and there
can be no assurance that the actual results or developments will be
realized or, even if substantially realized, that they will have
the expected consequences to, or effects on, DIV. The
forward-looking information included in this news release is
presented as of the date of this news release and DIV assumes no
obligation to publicly update or revise such information to reflect
new events or circumstances, except as may be required by
applicable law.
THE TORONTO STOCK EXCHANGE HAS NOT
REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE
ACCURACY OF THIS RELEASE.
Additional Information
Additional information relating to the
Corporation and other public filings, is available on SEDAR at
www.sedar.com.
Contact:Sean Morrison, President and Chief
Executive OfficerDiversified Royalty Corp. (604) 235-3146
Greg Gutmanis, Chief Financial Officer and VP
Acquisitions Diversified Royalty Corp. (604) 235-3146
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