PHOENIX, AZ, Nov. 26, 2014 /CNW/ - GWR Global Water Resources Corp. (TSX: GWR) (the "Company") announced today that its board of directors declared, under its approved dividend policy, a monthly cash dividend on the common shares of the Company (the "Shares") in the amount of CAD $0.024 per Share (an annualized amount of CAD $0.288 per Share), which will be payable on December 29, 2014, to holders of record at the close of business on December 15, 2014. The dividend payment reflects an increase in the annual dividend of $.024 CAD, or approximately 9%.
"We will continue to execute our strategic plan to focus on our core regulated utility assets, grow revenue through new connections and increasing rates, reduce expenses, and optimize our capital structure," said Ron Fleming, President and Interim-CEO of Global Water. "We remain committed to frequently reviewing our dividend policy, and believe that the continued successful execution of our strategy will provide us with the means to pay our shareholders a sustainable and growing dividend."
The dividend on the Shares is being made as a result of the cash dividend declared by Global Water Resources, Inc., which will be paid to all its shareholders. The Company owns a 48.1% interest in Global Water Resources, Inc.
Pursuant to subsection 89(1) of the Canadian Income Tax Act ("ITA"), the dividend being paid is designated as an "eligible dividend", as defined in subsection 89(1) of the ITA.
Holders of Shares who are non-residents of Canada will be subject to withholding taxes in respect of any distributions made by GWR Global Water Resources Corp.
About GWR Global Water Resources Corp.
The Company was incorporated in British Columbia to acquire shares of U.S. based Global Water Resources, Inc. ("Global Water") and to actively participate in the management, business and operations of Global Water through its representation on the board of directors of Global Water and its shared management of Global Water.
About Global Water
Global Water is a pure-play, high-growth water resources company located in Phoenix, Arizona, that owns and operates regulated water, wastewater and recycled water utilities in the metropolitan Phoenix area.
SOURCE: GWR Global Water Resources Corp.
For further information: Marc Lakmaaker, Investor Relations, Tel: 416-815-0700 ext. 248, Email: [email protected] , www.gwresources.com