Diversified Royalty Corp. announces cash dividend for February 2022
VANCOUVER, British Columbia, 02 Feb. 2022 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB) (the “Company” or “DIV”) is pleased to announce that its Board of Directors has approved a cash dividend of $0.01833 per common share for the period beginning February 1 2022 to February 28, 2022, which corresponds to $0.22 per common share on an annualized basis. The dividend will be paid on February 28, 2022 to shareholders of record at the close of business on February 15, 2022.
About Diversified Royalty Corp.
DIV is a multi-royalty company, in the business of acquiring front-line royalties from well-managed multi-site businesses and franchisors in North America. DIV’s goal is to acquire predictable and growing royalty streams from a diverse group of multi-site businesses and franchisors.
DIV currently owns the Mr. Lube, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door and Oxford Learning Centers. Mr. Lube is Canada’s leading quick lube service company, with locations across Canada. AIR MILES® is the largest coalition loyalty program in Canada with approximately two-thirds of Canadian households actively participating in the AIR MILES program® Program. Sutton is one of Canada’s leading residential real estate brokerage franchise businesses. Mr. Mikes operates casual steakhouse restaurants primarily in communities across Western Canada. Nurse Next Door is one of the fastest growing home care providers in North America, with offices in Canada and the United States as well as Australia. Oxford Learning Centers is one of the leading franchised further education services in Canada and the United States.
DIV intends to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to pay a monthly dividend to shareholders and to increase the dividend based on increased cash flow per share.
Certain statements contained in this press release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors that may cause results, performance or actual achievements are materially different from any future ones. 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”, “plan”, “should ‘, ‘believe’, ‘confident’, ‘plan’ and ‘intend’ and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information contained in this press release includes, but is not limited to, statements regarding: the amount and timing of the February 2022 dividend to be paid to DIV shareholders; DIV’s intention to pay monthly dividends to shareholders; and corporate objectives of DIV. These statements involve known and unknown risks, uncertainties and other factors that may cause the 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 press release are reasonable, but no assurance can be given that such expectations will prove to be correct. In particular, there can be no assurance that: DIV will be able to pay monthly dividends to holders of its common stock; or DIV will achieve one of its corporate objectives. Given these uncertainties, readers are cautioned that the forward-looking information included in this press release is not a guarantee of future performance, and such forward-looking information should not be relied upon unduly. Further information on the risks and uncertainties affecting DIV’s business and the business of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 11, 2021 and in its MD&A dated March 11, 2021. most recent, copies of each are available under the DIV profile on SEDAR at www.sedar.com.
In making the forward-looking information contained herein, management has assumed that DIV will generate sufficient cash flow from its royalties to service its debt and pay dividends to shareholders; the lenders will provide any necessary waivers to allow DIV to continue to pay dividends; the impacts of COVID-19 on DIV and its royalty partners will be consistent with DIV’s expectations and the expectations of management of each of its royalty partners, both in extent and duration; DIV and its royalty partners will be able to reasonably manage the impacts of the COVID-19 outbreak on their respective businesses. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.
All forward-looking statements made in this press release are qualified by such cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that actual results or developments will occur or, even if largely realize, that they will have the expected consequences or effects on the IVD. The forward-looking information included in this press release is made as of the date of this press release, and DIV undertakes no obligation to publicly update or revise such information to reflect new events or circumstances, except as required by applicable law. ‘required.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND ACCEPTS NO RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Additional information regarding the Company and other public documents are available on SEDAR at www.sedar.com.
Sean Morrison, President and CEO
Diversified Royalty Corp.
Greg Gutmanis, Chief Financial Officer and Vice President of Acquisitions
Diversified Royalty Corp.