PHOENIX, July 31, 2015 /CNW/ - GWR Global Water Resources Corp. (TSX: GWR) (the "Company") announced today that its board of directors declared, under its approved dividend policy, an increased monthly cash dividend on the common shares of the Company (the "Shares") in the amount of CAD $0.0283 per Share (an annualized amount of CAD $0.3396 per Share). The dividend payment reflects an increase in the annual dividend of CAD $0.0276 or nearly 9%. The dividend will be payable on August 28, 2015, to holders of record at the close of business on August 14, 2015.
"This announcement marks our third dividend increase since we initiated the dividend last year," said Ron Fleming, President and CEO of Global Water. "Throughout 2015, we've continued to achieve meaningful results and have resurfaced the underlying value of Global Water's assets. This progress is a true reflection of our commitment in creating sustainable shareholder value."
The increased 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.
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