BOUCHERVILLE, QC, June 17, 2013 /CNW Telbec/ - The Board of Directors of Colabor Group Inc. (TSX: GCL) ("Colabor" or the "Corporation") has decided to amend its current dividend policy in order to declare the voted dividends concurrently with the release of its annual or quarterly financial results. This will, as well, be generally consistent with the practices of other public companies.
Colabor currently plans to announce its financial results for the period ended June 15, 2013 on or around July 17, 2013 and would declare at the same time the applicable dividend.
Following the conversion of Colabor to a corporate structure from an income fund structure in 2009, Colabor adopted a dividend policy equivalent, on an annual basis, to the distribution policy of the then Colabor Income Fund. Dividends were declared and paid quarterly to shareholders of record on the last business day of each calendar quarter, which did not coincide with the end of Colabor's quarterly periods which may vary from year to year given that its fiscal year is comprised of thirteen periods of 4 weeks, the first three quarters being comprised of 3 periods and the last one of 4 periods.
"In addition to being more consistent with the practices of other public companies, we believe that this decision of our board will allow Colabor to optimise the return of capital to shareholders", commented Claude Gariépy, President and Chief Executive Officer of Colabor.
Colabor is a wholesaler and distributor of food and non-food products serving the food-service (cafeterias, restaurants, hotels, restaurant chains, etc.) and retail (grocery stores, convenience stores, etc.) markets, in Quebec, Ontario and the Atlantic provinces.
This news release may contain forward-looking statements reflecting the opinions or current expectations of Colabor Group Inc. concerning its performance and business operations and future events. These statements are subject to risks, uncertainties and assumptions. Actual results or events may differ.
SOURCE: Colabor Group Inc.
For further information:
Colabor Group Inc.
Jean-François Neault, CPA, CMA, MBA
Vice President and Chief Financial Officer
Tel.: (450) 449-0026, ext. 308
Fax: (450) 449-6180
Maison Brison Inc.
Martin Goulet, CFA
Senior Vice President, Investor Relations
Tel.: (514) 731-0000, ext. 229
Fax: (514) 731-4525