PHOENIX, AZ, March 24, 2015 /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 $0.026 per Share (an annualized amount of CAD $0.312 per Share), which will be payable on April 30, 2015, to holders of record at the close of business on April 16, 2015. The dividend payment reflects an increase in the annual dividend of $.024 CAD, or approximately 8%.
"This dividend increase reflects our ongoing commitment to creating shareholder value," said Ron Fleming, President and CEO of Global Water. "Over the past year, we've returned meaningful results to the Company through several key initiatives, including completing a significant rate case, initiating a strong dividend policy, refinancing a portion of our debt, and have signed agreements to beneficially divest non-core assets. Together, these initiatives have begun to surface the underlying value of Global Water and allow us to increase our dividend for the second time since its initiation in March 2014."
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: Marina Proskurovsky, Investor Relations, Tel: 416-815-0700 ext. 288, Email: [email protected], www.gwresources.com