TORONTO--(BUSINESS WIRE)--February 2020 Cash Dividend - $0.06 per share
Superior Plus Corp. (“Superior”) today announced its cash dividend for the month of February 2020 of $0.06 per share payable on March 13, 2020. The record date is February 29, 2020 and the ex-dividend date will be February 27, 2020. Superior’s annualized cash dividend rate is currently $0.72 per share. This dividend is an eligible dividend for Canadian income tax purposes.
Restarting Dividend Reinvestment Program
Superior has determined to restart its Dividend Reinvestment and Optional Share Purchase Plan ("DRIP"), commencing with the February dividend payable on March 13, 2020. Proceeds from the DRIP will be used for debt reduction and general corporate purposes, which includes funding such retail propane acquisitions. The DRIP will provide Superior's shareholders with the opportunity to reinvest their cash dividends in Superior at a 4% discount to the market price of Superior's common shares.
Under the current terms of the DRIP, eligible shareholders of Superior may elect to automatically reinvest their regular monthly dividends in additional common shares of Superior, without incurring any commissions, service charges or brokerage fees. Shareholders who elect to reinvest cash dividends under the DRIP will receive common shares based upon the average closing price of the common shares on the Toronto Stock Exchange (“TSX”) for the five-day trading period ending on the business day immediately prior to the dividend payment date (the “Average Market Price”). The price of the common shares purchased with reinvested dividends will be 96% of the Average Market Price. Common shares purchased through the DRIP will be issued from treasury. Any amendment to the terms of the DRIP will require the prior approval of the TSX.
Beneficial shareholders who wish to participate in the DRIP must provide enrollment instructions to the broker, investment dealer, financial institution or other nominee through which they hold their common shares and should consult such nominee regarding the process and timelines for enrolling. Registered shareholders may enroll in the DRIP by completing an authorization form and submitting the completed form to Computershare Trust Company at the address set out in the DRIP. Further information on Superior's DRIP, including the authorization form for registered shareholders can be found in the Investor Relations section of Superior's website at www.superiorplus.com.
2019 Fourth Quarter and Year-End Results and Conference Call
Superior expects to release its 2019 fourth quarter and year-end results on Thursday, February 20, 2020 after market close. A conference call and webcast for investors, analysts, brokers and media representatives to discuss the 2019 Fourth Quarter and Year-End Results is scheduled for 10:30 a.m. EST on Friday, February 21, 2020. To participate in the call, dial: 1-844-389-8661. Internet users can listen to the call live, or as an archived call, on Superior's website at: www.superiorplus.com under the Events section.
About the Corporation
Superior consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; and Specialty Chemicals includes the production and sale of specialty chemicals.
For further information about Superior, please visit our website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: email@example.com, Toll Free: 1-866-490-PLUS (7587).
Forward Looking Information
This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, "expects", "annualized", and similar expressions.
In particular, this news release contains forward-looking statements and information relating to: future dividends which may be declared on Superior’s common shares, the dividend payment, the tax treatment thereof, and the receipt of cash dividends. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release, regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2018, which can be found at www.sedar.com.
Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.