TORONTO, Feb. 6, 2014 /CNW/ - Gluskin Sheff + Associates Inc. (the
"Company") today declared its regular quarterly dividend of $0.20 per
Common Share payable on February 28, 2014, to shareholders of record at
the close of business on February 18, 2014.
The Company also declared a special dividend of $1.40 per Common Share
payable on February 28, 2014 to shareholders of record on February 18,
2014. The special dividend relates to Performance Fees earned during
the six months ended December 31, 2013.
The Company also announced that the Toronto Stock Exchange (the "TSX")
has approved its notice of intention to make a normal course issuer bid
for a portion of its Common Shares. The normal course issuer bid will
be made in accordance with the requirements of the TSX. The Company
may begin to purchase Common Shares on February 11, 2014.
As of January 31, 2014, 29,518,178 Common Shares were outstanding.
Pursuant to the normal course issuer bid, the Company is permitted to
acquire a maximum of 1,475,908 Common Shares, being 5% of the Company's
issued and outstanding Common Shares as of January 31, 2014, in the
12-month period commencing February 11, 2014 and ending on February 10,
2015. Purchases under the normal course issuer bid will be made by the
Company through the facilities of the TSX and in accordance with
applicable regulatory requirements. The price that the Company will
pay for any Common Shares will be the market price of such Common
Shares at the time of acquisition. Under the normal course issuer bid,
the Company may purchase a maximum of 26,916 Common Shares on the TSX
during any trading day. This limitation does not apply to purchases
made pursuant to block purchase exemptions. Any Common Shares that are
purchased under the normal course issuer bid will be cancelled upon
their purchase by the Company. The Company will fund any purchases
through available cash.
The Company believes that the repurchase by the Company of a portion of
outstanding Common Shares is an appropriate use of available cash and
is in the best interests of the Company and its shareholders. In
addition to any purchase of Common Shares, the Company will also
consider other strategic opportunities which may be in the best
interests of the Company and its shareholders.
Founded in 1984, Gluskin Sheff + Associates Inc. is one of Canada's
pre-eminent wealth management firms serving high net worth private
clients and institutional investors. Gluskin Sheff offers equity and
fixed income investment portfolios in addition to being one of the
largest managers of alternative investments in Canada. The Company's
Common Shares are listed on the Toronto Stock Exchange under the symbol "GS". For more information about the Company, please visit our website at
This press release may contain forward-looking statements relating to
Gluskin Sheff + Associates Inc.'s business and the environment in which
it operates. These statements are based on the Company's expectations,
estimates, forecasts and projections. They are not guarantees of future
performance and involve risks and uncertainties that are difficult to
control or predict. These risks and uncertainties are discussed in the
Company's regulatory filings available on the Company's website at
www.gluskinsheff.com or at www.sedar.com. Actual outcomes and results
may differ materially from those expressed in these forward-looking
statements. Readers, therefore, should not place undue reliance on any
such forward-looking statements. Further, a forward-looking statement
speaks only as of the date on which such statement is made. The Company
undertakes no obligation to publicly update any such statement or to
reflect new information or the occurrence of future events or
circumstances, except as required by applicable law.
SOURCE: Gluskin Sheff + Associates Inc.
For further information:
David R. Morris
Chief Financial Officer and Secretary