EDMONTON, Feb. 15, 2013 /CNW/ - AutoCanada Inc. ("AutoCanada") (TSX:ACQ)
today announced that its Board of Directors has declared a quarterly
eligible dividend of $0.18 per common share, an increase of 5.8% from
the previous quarterly dividend of $0.17 per common share. The
dividend is payable on March 15, 2013 to shareholders of record at the
close of business on February 28, 2013. The declared dividend
represents a rate of $0.72 per share on an annualized basis.
"The Company is pleased to announce a further increase in the quarterly
dividend which reflects the Company's continued confidence in the
Canadian automotive retail environment." stated Pat Priestner, Chief
Executive Officer of AutoCanada.
Eligible dividend designation
For purposes of the enhanced dividend tax credit rules contained in the
Income Tax Act (Canada) (the "ITA") and any corresponding provincial
and territorial tax legislation, all dividends paid by AutoCanada or
any of its subsidiaries in 2010 and thereafter are designated as
"eligible dividends" (as defined in 89(1) of the ITA), unless otherwise
indicated. Please consult with your own tax advisor for advice with
respect to the income tax consequences to you of AutoCanada Inc.
designating dividends as "eligible dividends".
AutoCanada is one of Canada's largest multi-location automobile
dealership groups, currently operating 27 franchised dealerships in six
provinces and has over 1,100 employees. AutoCanada currently sells
Chrysler, Dodge, Jeep, Ram, FIAT, Chevrolet, GMC, Buick, Infiniti,
Nissan, Hyundai, Subaru, Mitsubishi, and Volkswagen branded vehicles.
In 2011, our dealerships sold approximately 28,000 vehicles and
processed approximately 300,000 service and collision repair orders in
our 333 service bays during that time.
Additional information about AutoCanada Inc. is available at www.sedar.com and the Company's website at www.autocan.ca.
SOURCE: AutoCanada Inc.
For further information:
Jeff Christie, CA
Phone: (780) 732-7164