TORONTO, March 22 /CNW/ - DundeeWealth Inc. ("DundeeWealth" or the "Company") (TSX: DW) today announced that the Board of Directors (the "Board") approved an increase to its quarterly dividend payments on common and special shares from $0.035 to $0.070 per share.
The Board has approved the payment of a quarterly cash dividend of $0.070 per common and special share, payable on April 15, 2010, or as otherwise provided under the terms of any applicable escrow agreements, to shareholders of record on April 1, 2010.
"Our decision to double the quarterly dividend is a reflection of a significant improvement in our financial strength," said David Goodman, President and Chief Executive Officer of DundeeWealth.
A quarterly dividend of $0.070 represents an annual yield of 2.1% on DundeeWealth's closing share price of $13.51 on March 19, 2010.
The dividend is designated as an eligible dividend for the purposes of section 89 of the Income Tax Act (Canada).
About DundeeWealth Inc.
DundeeWealth is a Canadian owned, independent wealth management company that currently oversees $69.9 billion in fee earning assets. It provides diversified wealth management and investment solutions including alternative and tax-advantaged products, capital markets and advisory services to financial advisors, institutions, corporations and foundations, and innovative wealth management through independent financial advisors across Canada. Its award winning investment brand, Dynamic Funds(R), managed by Goodman & Company, Investment Counsel Ltd., is also available outside of Canada through distribution platforms in Europe and the United States. DundeeWealth is listed on the Toronto Stock Exchange (TSX: DW).
SOURCE DUNDEEWEALTH INC.
For further information: For further information: John Pereira, Chief Financial Officer, DundeeWealth Inc., (416) 365-5180; Myra Reisler, Manager, Public Affairs, DundeeWealth Inc., (416) 365-5370