TORONTO, ONTARIO – (December 20, 2021) – Park Lawn Corporation (TSX:PLC) (“PLC”) announced today that it is moving from a monthly to a quarterly payment schedule with dividends expected to be made in March, June, September and December of each calendar year and paid on a quarterly basis at the rate of $0.114 per common share. Subject to approval of the Board of Directors, the first quarterly dividend of $0.114 per common share ($0.456 per common share annually) is expected to be effective for the March dividend that will be paid on April 15, 2022, to shareholders of record as at March 31, 2022.
Monthly dividend payments will continue until the end of 2021. The December dividend of $0.038 per common share will be payable on January 17, 2022 to shareholders of record as at December 31, 2021.
PLC offers a Dividend Reinvestment Plan (“DRIP”) which allows eligible shareholders of PLC to reinvest their cash dividends into additional common shares of PLC, which will be issued from treasury (or purchased on the open market) on the applicable dividend payment date. If common shares are issued from treasury, the price at which such common shares are issued will be the volume weighted trading price of PLC’s common shares over the five business days immediately preceding such dividend payment date less a discount, if any, of up to 5%, at PLC’s election. PLC has set the current discount for purchases under the DRIP at 3%. PLC may, subject to the terms of the DRIP, alter or eliminate any discount at any time.
An eligible shareholder may enroll in the DRIP by completing an enrollment form and returning it to TSX Trust Company (the “Administrator”). A completed enrollment form must be received by the Administrator no later than 3:00 pm EDT on the fifth business day immediately preceding the relevant dividend record date in order to take effect on the dividend payment date to which that dividend record date relates.
The full text of the DRIP and an enrollment form are available on PLC’s website at www.parklawncorp.com. Shareholders should carefully read the complete text of the DRIP before making any decisions regarding their participation in the DRIP. Beneficial shareholders who hold their shares through a nominee and who wish to participate in the DRIP should contact their nominee to enquire about enrollment.
PLC provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold on a pre-planned basis (pre-need) or at the time of a death (at-need). PLC and its subsidiaries own and operate businesses including cemeteries, crematoria, funeral homes, chapels, planning offices and a transfer service. PLC operates in three Canadian provinces and sixteen U.S. states.
Cautionary Statement Regarding Forward‐Looking Information
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of PLC and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may”, “estimate”, “pro-forma” and other similar expressions. These statements are based on PLC’s expectations, estimates, forecasts and projections and include, without limitation, the expected dividend payments and dates of payment, PLC’s growth strategy and meeting expectations of shareholders. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, risks associated with the current COVID-19 pandemic and the other factors discussed under the heading “Risk Factors” in PLC’s Annual Information Form available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, PLC assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Chief Financial Officer
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