CALGARY, Jan. 5, 2016 /CNW/ - Crown Capital Partners Inc. ("Crown" or "the Company") (TSX: CRN), which provides growth capital to successful mid-market companies, today announced that its Board of Directors has approved the initiation of a quarterly cash dividend of $0.11 per common share. Concurrently, the Company declared its first dividend of $0.11 per common share, payable on January 29, 2016 to all shareholders of record as of the close of business on January 18, 2016.
"Establishing a dividend was an important objective from the initial public offering and reflects the continued execution of the plan we articulated to shareholders," said Chris Johnson, Crown's President & CEO. "We continue to deploy capital in high-quality mid-market companies, and expect to return a substantial portion of our cash flow to our shareholders through dividends."
This dividend is designated by the Company to be an "eligible dividend" pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial or territorial legislation pertaining to eligible dividends. Shareholders with questions regarding the tax treatment of dividends should consult with their own tax advisors.
Crown (TSX: CRN) is a specialty finance company focused primarily on providing capital to successful Canadian and select U.S. companies which are unwilling or unable to obtain suitable financing from traditional capital providers such as banks and private equity funds. Crown also manages capital pools, including some in which Crown has a direct ownership interest. Crown originates, structures and provides tailored transitory and permanent financing solutions to a diversified group of private and public mid-market companies in the form of loans, royalties and other structures with minimal or no ownership dilution. To find out more about Crown, please visit www.crowncapital.ca.
This release contains certain "forward looking statements" and certain "forward looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements with respect to Crown's future cash flows and earnings, future dividends, transaction pipeline, and the Corporation's business plans and strategy. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in the Crown's periodic filings with Canadian securities regulators. In addition, Crown's dividend policy will be reviewed from time to time in the context of the Company's earnings, financial requirements for Crown's operations, and other relevant factors and the declaration of a dividend will always be at the discretion of the Board of Directors. Shareholders will be entitled to receive dividends only when any such dividends are declared and there is no entitlement to any dividend prior thereto. Crown undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
SOURCE Crown Capital Partners Inc.
For further information: For Crown Capital: Craig Armitage, Investor Relations, firstname.lastname@example.org, (416) 347-8954