TORONTO, ONTARIO--(Marketwired - Oct. 13, 2015) - Park Lawn Corporation (TSX VENTURE:PLC) (the "Company" or "Park Lawn") announced today that it has implemented a dividend reinvestment plan ("DRIP"), which has received all requisite regulatory approval, including approval from the TSX Venture Exchange (the "TSXV").
The DRIP allows eligible shareholders of Park Lawn to reinvest their cash dividends into additional common shares of Park Lawn, 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 issues will be the volume weighted trading price of the Company's common shares over the five business days immediately preceding such dividend payment date less a discount, if any, of up to 5%, at the Company's election. The Company has determined to set the initial discount for purchases under the DRIP at 3%. The Company may, subject to the terms of the DRIP, alter or eliminate any discount at any time.
The full text of the DRIP and an enrollment form are available on the Company'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. To reinvest the October 2015 dividend, Equity Transfer Services Inc. (the "Agent") must receive a signed enrollment form by no later than 3:00pm EST on October 23, 2015, or to begin participation in the DRIP with respect to any future dividends, the Agent must receive a shareholder's enrollment form no later than 3:00pm EST on the fifth day prior to the applicable dividend record date. Common Shares acquired under the DRIP will be automatically enrolled in the DRIP.
The Company may initially issue up to 120,000 common shares under the DRIP. The Company may increase the number of common shares available to be issued under the DRIP at any time in its discretion subject to (a) the approval of the Company's board of directors, (b) the approval of any stock exchange upon which the common shares trade, and (c) public disclosure of such increase.
The Company has not yet been informed of the extent to which insiders of the Company will participate in the DRIP. However, in accordance with TSXV policy, the Company will disclose insider participation in the DRIP on a monthly basis.
About Park Lawn
Park Lawn Corporation provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold to people on a pre-planned basis (pre-need) or at the time of a death (at-need). The Company owns and operates six cemeteries in the Greater Toronto Area and operates the crematorium at the Brampton Crematorium and Visitation Centre. The Company also owns 50% of Amety Ltd, which operates Tubman/Cadieux Funeral Homes in Ottawa and Western Quebec. The Harmonia business of the Company currently operates in Quebec City, Laval, Saint-Apollinaire, Montreal and the Beauce Region under license. In October 2014, the Company acquired a 50% stake in six funeral homes in Manitoba and Saskatchewan. Park Lawn's common shares are listed on the TSX Venture Exchange under the symbol "PLC". The Company is the only Canadian publicly listed cemetery, funeral and cremation business. Park Lawn makes monthly dividend payments to its shareholders. The monthly dividend has been paid each month since January, 2011 and is currently $0.038 per share ($0.46 per share on an annual basis).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This news release contains forward-looking statements. Although management of the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. By their nature, forward-looking statements are inherently uncertain, are subject to risk and are based on assumptions including those discussed herein. Readers are cautioned to not place undue reliance on forward-looking statements made herein because a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to, the factors described under the heading "Risk Factors" in the Company's most recent Annual Information Form. Forward-looking statements are provided as of the date hereof and the Company assumes no obligation to update or revise such forward-looking statements to reflect new events or circumstances except as required under applicable securities laws.
Contact Information:
Andrew Clark
Chairman & Chief Executive Officer
(416) 231-1462