- Dividend policy provides for quarterly dividend of $0.02 per share.
- First dividend expected to be declared in the following weeks and first regular quarterly dividend expected to be declared concurrently with the release of the Company's results for the fourth quarter of its 2014 financial year.
MONCTON, NB, Oct. 24, 2014 /CNW Telbec/ - Imvescor Restaurant Group Inc. (the "Company") (TSX: IRG) announced today that further to its previously announced review of the capital allocation policy of the Company, the Board of Directors has adopted a dividend policy providing for the payment of a quarterly dividend of $0.02 per share. The dividend policy has been designed to allow sufficient flexibility to continue investing in the Company's growth and its franchise network while providing returns to its shareholders.
"We are very pleased to be able to implement this dividend policy", said Frank Hennessey, President and Chief Executive Officer of the Company. "Given our business model, we are in a position to return cash to our shareholders, while retaining financial flexibility to make significant investments in the health of our franchised restaurant brands. The long term health of our franchise owners remains our top priority and key strategic investments will help re-ignite growth for both our franchisees and the Company."
The Board of Directors expects to declare the first dividend of $0.02 per share in the coming weeks. The first regular quarterly dividend is expected to be declared concurrently with the release of the Company's results for the fourth quarter of its 2014 financial year, with following dividends to be declared quarterly concurrently with the release of the Company's results.
The declaration and payment of any dividend remains at the discretion of the Board of Directors and will depend on the Company's cash requirements, financial results, future prospects and other factors deemed relevant by the Board of Directors. Any dividend policy established by the Board of Directors can be changed at any time and such policy is not binding on the Company. There can be no guarantee that the Company will maintain its current dividend policy or that any dividend will be declared or paid.
About Imvescor Restaurant Group Inc.
Headquartered in Moncton, New Brunswick, Imvescor Restaurant Group Inc. owns franchised and corporate restaurants throughout Canada under four brands: Pizza Delight®, operating primarily in Atlantic Canada, where it dominates the family/mid-scale segment, Mikes® and Scores®, operating primarily in Québec in the family and casual dining segments and the take-out and delivery segments, and Bâton Rouge®, operating in Québec, Ontario and Nova Scotia in the casual dining segment.
Cautionary Note Regarding Forward-Looking Statements
Certain information in this press release regarding the Company, including, but not limited to, the Company's statements regarding the dividend policy and the declaration and payment of any dividend, and other statements that are not historical facts, are "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements involve known and unknown risks, uncertainties and other factors outside the Company's control referenced in the Company's continuous disclosure filings which are available on SEDAR at www.sedar.com. Although the forward-looking statements contained herein are based upon what the Company believes to be reasonable assumptions on the date of this press release, the Company cannot assure readers that actual results will be consistent with these forward-looking statements and readers should not place undue reliance on the Company's forward-looking statements. The Company assumes no obligation to update such forward-looking statements to reflect new information, future events or otherwise, except as required by applicable securities laws.
SOURCE: Imvescor Restaurant Group Inc.
For further information: Stéphane LeBlanc, Chief Financial Officer, Imvescor Restaurant Group Inc., Tel.: 514-341-5544, www.imvescor.ca; For more information about our brands: Pizza Delight®: www.pizzadelight.com; Mikes®: www.mikes.ca; Scores®: www.scores.ca; Bâton Rouge®: www.batonrouge.ca