TORONTO, Dec. 6, 2017 /CNW/ - The Board of Directors of NewGrowth Corp. (the "Company") has declared today ordinary dividends of $0.3327 per Preferred Share and $0.3000 per Capital Share payable on December 22, 2017 to holders of record at the close of business on December 15, 2017.
Holders of the Preferred Shares are entitled to receive quarterly fixed cumulative dividends equal to $0.3327 per Preferred Share. The Company's Capital Share dividend policy is to pay holders of Capital Shares quarterly dividends in an amount equal to the dividends received by the Company on the underlying portfolio securities minus the dividends payable on the Preferred Shares and all administrative and operating expenses provided the net asset value per Unit at the time of declaration, after giving effect to the dividend, would be greater than the original issue price of the Preferred Shares.
The Company reports with deep sadness the passing of Michael K. Warman. Mike was a director of the Company since 1998 and he will be deeply missed.
NewGrowth Corp. is a mutual fund corporation whose investment portfolio consists of publicly-listed securities of selected Canadian chartered banks, telecommunication, oil and gas, pipeline and utility issuers. The Capital Shares and Preferred Shares of NewGrowth Corp. are listed for trading on The Toronto Stock Exchange under the symbols NEW.A and NEW.PR.D respectively.
SOURCE NewGrowth Corp.
For further information: Investor Relations NewGrowth Corp. (416) 862-3931, E-mail: [email protected], Web site: www.scotiamanagedcompanies.com