VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 10, 2014) - Diversified Royalty Corp. (TSX:DIV) -
December 2014 Cash Dividend
Diversified Royalty Corp. (the "Corporation" or "DIV") is pleased to announce that its board of directors has approved a cash dividend of $0.0157 per common share for the period of December 1, 2014 to December 31, 2014, which is equal to $0.1884 per common share on an annualized basis. The dividend will be paid on December 29, 2014 to shareholders of record on December 22, 2014.
Director Departure
DIV also announces that Mr. James Farrar has stepped down from DIV's board of directors and as chair of DIV's audit committee effective today. Mr. Farrar expressed that his decision to step down from DIV's board of directors and as chair of DIV's audit committee was due to the demands of his overall business commitments, in particular on account of his responsibilities as chief executive officer of City Office REIT, Inc.
The Corporation is in the process of reviewing the composition of its board of directors and audit committee, and in this regard an announcement naming the new chair of the audit committee will be made in due course.
Lorie Haber, Executive Chairman, said, "The Corporation wishes to thank Mr. Farrar for his diligent service and considerable contributions as a director and chair of the board's audit committee throughout his tenure and especially during the Corporation's recent transformative period."
About Diversified Royalty Corp.
DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV's objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.
DIV expects to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV expects to pay a predictable and stable dividend to shareholders and increase the dividend as cash flow per share increases allow.
Forward-Looking Statements
Certain statements contained in this news release and in certain documents incorporated herein by reference may constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "intend", "may", "will", "project", "should", "believe", "confident", "plan" and "intends" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specifically, forward-looking statements in this news release include, but are not limited to, statements made in relation to: the announcement of the naming of a new chair of DIV's Audit Committee; the amount and timing of the December dividend to be paid to DIV's shareholders; and DIV's corporate objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied in such forward-looking statements. DIV believes that the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that DIV will be able to: make monthly dividend payments to the holders of its common shares; or achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking statements included in this news release are not guarantees of future performance, and such forward-looking statements should not be unduly relied upon. These statements speak only as of the date of this news release. DIV undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
In formulating the forward-looking statements contained herein, management has assumed that business and economic conditions affecting DIV will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.
All of the forward-looking statements made in this news release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
Additional Information
Additional information relating to the Corporation and other public filings, is available on SEDAR at www.sedar.com.
Contact Information:
Sean Morrison
President and Chief Executive Officer
(604) 235-3146