EDMONTON, Feb. 17, 2015 /CNW/ - Carfinco Financial Group Inc. ("Carfinco" or the "Company") announces that a special cash dividend of 5.5 cents per share has been declared. The payable date is March 3, 2015, the record date is February 26, 2015 and the ex-distribution date is February 24, 2015.
This special dividend is declared to satisfy a condition of the previously announced plan of arrangement ("Plan of Arrangement") with Banco Santander, S.A. (CATS: SAN, NYSE: SAN, BATS-CHIXE: SANE) ("Santander"). Carfinco continues to work diligently towards completing the Plan of Arrangement and is currently targeting a closing date for the Plan of Arrangement of February 27, 2015. At this time, not all closing conditions to the Plan of Arrangement have been satisfied, however, Carfinco remains confident that the Arrangement could be completed within the timelines outlined within the Arrangement Agreement. Outstanding closing conditions include the completion of the sale of Carfinco's US business.
About Carfinco Financial Group Inc.
Carfinco focuses on providing indirect consumer vehicle loans to borrowers unable to obtain financing through traditional lending sources. A network of select independent and franchise dealerships offer Carfinco's payment plans to their customers who must, along with the vehicle, meet Carfinco's underwriting guidelines. The shares of Carfinco trade on The Toronto Stock Exchange under the symbol "CFN".
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding Carfinco's on-going compliance with the terms of the Arrangement Agreement with Santander, the satisfaction of the conditions set forth therein, the closing of the transactions contemplated thereby within in the timelines contemplated by the Arrangement Agreement and the targeted closing date of the Plan of Arrangement. These statements are subject to a number of risks and uncertainties, including the possibility that the Plan of Arrangement may not close due to the inability to satisfy all closing conditions within the necessary timelines. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.
SOURCE Carfinco Financial Group Inc.
For further information: Mr. Tracy A. Graf, CEO & Director of Carfinco Financial Group Inc., Telephone: 1-888-486-4356, Facsimile: 1-888-486-7456, E-mail: firstname.lastname@example.org, Web site: www.carfinco.com