EDMONTON, Feb. 14, 2014 /CNW/ - AutoCanada Inc. ("AutoCanada") (TSX:ACQ)
today announced that its Board of Directors has declared a quarterly
eligible dividend of $0.22 per common share, an increase of 4.8% from
the previous quarterly dividend of $0.21 per common share. The dividend
is payable on March 17, 2014 to shareholders of record at the close of
business on February 28, 2014. The declared dividend represents a rate
of $0.88 per share on an annualized basis.
"The Company is pleased to continue to raise the dividend on a quarterly
basis for the past twelve consecutive quarters. The Canadian
automotive retail, service, and financing environment continues to be
strong and the dividend increase reflects our continued confidence in
the market." stated Pat Priestner, Chief Executive Officer of
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 32 franchised dealerships in six
provinces and has over 1,500 employees. AutoCanada currently sells
Chrysler, Dodge, Jeep, Ram, FIAT, Chevrolet, GMC, Buick, Infiniti,
Nissan, Hyundai, Subaru, Mitsubishi, Audi, and Volkswagen branded
vehicles. In 2012, our dealerships sold approximately 30,000 vehicles
and processed approximately 309,000 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