GWR Global Water Resources Corp. introduces monthly dividend
PHOENIX, March 26, 2014 /CNW/ - GWR Global Water Resources Corp. (TSX: GWR) (the "Company") today announced that its board of directors has approved the introduction of a monthly dividend on the common shares of the Company (the "Shares"). The Board has declared a monthly cash dividend for April in the amount of CAD$0.022 per Share, which represents CAD$0.264 per Share on an annualized basis. The dividend will be paid on April 30, 2014, to holders of record at the close of business on April 14, 2014. The dividend on the Shares is being made as a result of the cash dividend declared by Global Water Resources, Inc., which will be paid to all its shareholders. The Company owns a 48.1% interest in Global Water Resources, Inc.
"With the strong organic growth that has returned to Arizona, coupled with the new rates recently achieved, our top line growth is very strong. The available capacity that exists within our facilities enables us to grow our connections without the need for significant capital expenditure which supports predictable and growing free cash flow for the foreseeable future," said Trevor Hill, Chairman of the Board. "As a pure-play water and wastewater utility with these factors, we are well positioned to generate a stable, sustainable dividend for shareholders."
Pursuant to subsection 89(1) of the Canadian Income Tax Act ("ITA"), the dividend being paid is designated as an "eligible dividend", as defined in subsection 89(1) of the ITA.
Holders of Shares who are non-residents of Canada will be subject to withholding taxes in respect of any distributions made by GWR Global Water Resources Corp.
About GWR Global Water Resources Corp.
The Company was incorporated in British Columbia to acquire shares of U.S. based Global Water Resources, Inc. ("Global Water") and to actively participate in the management, business and operations of Global Water through its representation on the board of directors of Global Water and its shared management of Global Water.
About Global Water Resources, Inc.
Global Water is a pure-play, high-growth water resources company located in Phoenix, Arizona, that owns and operates regulated water, wastewater and recycled water utilities in the metropolitan Phoenix area.
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