MONTRÉAL, Dec. 7, 2023
/CNW/ - The Board of Directors of LOGISTEC Corporation (TSX:
LGT.A) (TSX: LGT.B) announced today that it has declared quarterly
dividends of $0.11782 per share on
all outstanding Class A Common Shares and $0.12959 per share on all outstanding Class B
Subordinate Voting Shares.
The dividends will be paid on January 17, 2024 to all
LOGISTEC Corporation shareholders of record at the close of
business on January 3, 2024. This
dividend is an eligible dividend for Canada Revenue Agency
purposes.
Dividends paid during 2023 totalled $0.47 per Class A Common Share and $0.52 per Class B Subordinate Voting Share.
The dividends were declared in accordance with the terms of the
arrangement agreement dated October 15,
2023 between the Corporation and 1443373 B.C. Unlimited Liability Company, which
allows for the declaration and payment of regular quarterly cash
dividends in a manner consistent with the Corporation's past
practice. The proposed arrangement remains expected to close in the
first quarter of 2024, subject to the satisfaction or waiver of
closing conditions. To the extent that the closing of the proposed
arrangement occurs after the record date but prior to the payment
date of the dividends, shareholders of record at the close of
business on January 3, 2024 will remain entitled to be
paid such dividends pursuant to the terms of the proposed
arrangement.
About LOGISTEC
LOGISTEC Corporation is based in Montréal (QC) and provides
specialized services to the marine community and industrial
companies in the areas of bulk, break-bulk and container cargo
handling in 60 ports and 90 terminals located in
North America. LOGISTEC also
offers marine transportation services geared primarily to the
Arctic coastal trade, as well as marine agency services to
shipowners and operators serving the Canadian market.
Furthermore, the Company operates in the environmental industry
where it provides services to industrial, municipal and
governmental customers for the renewal of underground water mains,
dredging, dewatering, contaminated soils and materials management,
site remediation, risk assessment, and manufacturing of fluid
transportation products.
The Company has been profitable and has paid regular dividends
since becoming public and payments have grown steadily over the
years. A public company since 1969, LOGISTEC's shares are listed on
the Toronto Stock Exchange (TSX) under the ticker symbols LGT.A and
LGT.B. For more information can be obtained on the Company's
website at www.logistec.com.
Forward-Looking
Statements
This press release contains forward-looking information, within
the meaning of applicable securities legislation, relating to the
anticipated timing of completion of the proposed arrangement. These
forward-looking statements express, as of the date of this press
release, the estimates, predictions, projections, expectations, or
opinions of the Corporation about future events or results,
including the ability of the parties to satisfy, in a timely
manner, the conditions to the closing of the proposed arrangement.
Although the Corporation believes that the expectations produced by
these forward-looking statements are founded on valid and
reasonable bases and assumptions, these forward-looking statements
are inherently subject to important uncertainties and
contingencies, many of which are beyond the Corporation's control,
such that the Corporation's performance may differ significantly
from the predicted performance expressed or presented in such
forward-looking statements. The important risks and uncertainties
that may cause the actual results and future events to differ
significantly from the expectations currently expressed include the
possibility that the proposed arrangement will not be completed on
the terms and conditions, or on the timing, currently contemplated,
and that it may not be completed at all, due to a failure to obtain
or satisfy, in a timely manner or otherwise, required regulatory,
shareholder and Court approvals and other conditions to the closing
of the proposed arrangement or for other reasons. The reader of
this press release is thus cautioned not to place undue reliance on
these forward-looking statements. The Corporation undertakes no
obligation to update or revise these forward-looking statements,
except as required by law.
SOURCE Logistec Corporation
