CALGARY, ALBERTA--(Marketwired - May 21, 2014) - Computer Modelling Group Ltd. (TSX:CMG) ("CMG" or the "Company") announces that its Board of Directors has approved a stock split of CMG's issued and outstanding Common Shares on a two-for-one basis. The record date for the stock split is June 25, 2014.
Each CMG shareholder will receive one additional Common Share for every Common Share held on the stock split record date. It is expected that certificates representing the additional Common Shares resulting from the stock split will be mailed to CMG's registered shareholders on or about July 2, 2014. No action is required to be taken by the shareholders.
CMG's name and trading symbol will not change as a result of the stock split. The Common Shares are expected to commence trading on the Toronto Stock Exchange on a post-stock split basis on June 23, 2014, being the second trading day preceding the stock split record date.
The previously declared quarterly dividend payable on June 13, 2014 will be paid on a pre-split basis at $0.20 per Common Share and, going forward, the Company intends to maintain its dividend policy as adjusted to take into account the stock split.
It is expected that the increased number of outstanding Common Shares resulting from the stock split will provide a greater opportunity for investors to become shareholders of CMG and increase liquidity in CMG's listed securities.
Computer Modelling Group Ltd. is a computer software technology and consulting company serving the oil and gas industry. CMG, recognized by oil and gas companies worldwide as a leading developer of reservoir modelling software, has sales and technical support services based in Calgary, Houston, London, Caracas, Dubai, Bogota and Kuala Lumpur. CMG is the leading supplier of advanced processes reservoir modelling software in the world with a blue chip client base of international oil companies and technology centers in over 50 countries. The Company's shares are listed on the Toronto Stock Exchange under the trading symbol "CMG".