TORONTO, May 28, 2014 /CNW/ - Sirius XM Canada Holdings Inc. ("SiriusXM Canada" or the "Company") (TSX: XSR), parent of Sirius XM Canada Inc., today announced that the Company's Board of Directors has declared a special cash dividend of C$0.585 per Class A Subordinate Voting Share ("Class A Share"), C$0.585 per Class C Non- Voting Share ("Class C Share") and C$0.195 per Class B Voting Share ("Class B Share"). The special dividend will have a record date of June 9, 2014 and a payment date of June 19, 2014.
"This is our second special dividend in less than two years, which reflects the significant cash flow generating abilities of the business, the strengthening of our balance sheet with our recent debt refinancing and new credit line, and the positive outlook shared by the Board and management regarding SiriusXM Canada's future growth potential," said Mark Redmond, President and CEO, SiriusXM Canada.
The special dividends on the Class A Shares, Class B Shares, and Class C Shares are designated as an "eligible" dividend for the purposes of the Income Tax Act (Canada) and any similar provincial legislation.
Certain statements included above may be forward-looking in nature. Such statements can be identified by the use of forward-looking terminology such as "expects," "may," "will," "should," "intend," "plan," or "anticipates" or the negative thereof or comparable terminology, or by discussions of strategy. Forward-looking statements include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact, including with respect to the payment of dividends in the future and future performance. Although SiriusXM Canada believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct, including with respect to the ability of the Company to pay dividends in the future. SiriusXM Canada's forward-looking statements are expressly qualified in their entirety by this cautionary statement. SiriusXM Canada makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances after the date any such statement is made, except as required by applicable law. Additional information identifying risks and uncertainties is contained in SiriusXM Canada Holdings Inc.'s filings with the Canadian securities regulators, available at www.sedar.com.
About SiriusXM Canada
Sirius XM Canada Holdings Inc. (TSX: XSR) operates as SiriusXM Canada. SiriusXM Canada, with approximately 2.4 million subscribers, is the country's leading audio entertainment company and broadcasts more than 120 satellite radio channels featuring premier sports, news, talk, entertainment and commercial-free music. SiriusXM Canada offers an array of content from the most recognized news, entertainment and major sports brands including the NHL, NFL, NBA, NASCAR, CNN, CBC, FOX, BBC, Howard Stern, Oprah, Disney, Comedy Central and more.
SiriusXM programming is available on a variety of devices including pre-installed and after-market radios in cars, trucks and boats, smartphones and mobile devices, and consumer electronics products for homes and offices. SiriusXM programming is also available online at www.siriusxm.ca and on Apple and Android-powered mobile devices.
SiriusXM Canada has partnerships with every major automaker and its radio products are available at more than 3,000 retail locations nationwide. To find out more about SiriusXM Canada (TSX: XSR), visit our website at www.siriusxm.ca.
SOURCE: Sirius XM Canada Holdings Inc.
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