WINNIPEG, Jan. 29, 2016 /CNW/ - The Board of Directors of Temple Hotels Inc. ("Temple") (TSX: TPH) announced today that it has decided to suspend the quarterly dividend of $0.025 per share on Temple's common shares.
The significant and sustained decline in oil prices has resulted in continued deterioration in market conditions in Alberta (and Fort McMurray in particular), where Temple has significant hotel ownership, and has negatively impacted operating results. The Board of Directors believes that it is prudent to focus on improving balance sheet liquidity at this time.
Temple is a real estate investment company listed on the Toronto Stock Exchange under the symbols TPH (common shares), TPH.DB.C, TPH.DB.D, TPH.DB.E and TPH.DB.F (convertible debentures). The objective of Temple is to provide shareholders with stable cash dividends from investment in a diversified portfolio of hotel properties and related assets. For further information on Temple, please visit our website at www.templehotels.ca.
This press release contains forward-looking statements. Temple is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Such risk factors include, but are not limited to, risks associated with real property ownership, the impact of general economic conditions, industry conditions, interest rate fluctuations, tax-related risk factors, governmental regulation, environmental risks, competition from other industry participants, stock market volatility, the ability to access sufficient capital from internal and external sources and the risk of fluctuation and variation in actual operating results, which variation may be material. Temple cannot assure investors that actual results will be consistent with any forward-looking statement and does not assume any obligation to update or revise such forward-looking statements to reflect actual events or new circumstances, except as expressly required by applicable securities laws.
The Toronto Stock Exchange has not reviewed or approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE Temple Hotels Inc.
For further information: Arni Thorsteinson, Chief Executive Officer, or Gino Romagnoli, Executive Vice President, Tel: (204) 475-9090, Fax: (204) 452-5505, Email: [email protected]