Park Lawn Corporation

Park Lawn Corporation

December 11, 2014 17:51 ET

Park Lawn Announces Issuance of Common Shares Pursuant to its Employee Share Loan Plan

TORONTO, ONTARIO--(Marketwired - Dec. 11, 2014) - Park Lawn Corporation (TSX VENTURE:PLC) (the "Company" or "Park Lawn") announced today that it is loaning $1,258,750 (the "Loan") to Joseph Leeder, the Chief Financial Officer of Park Lawn, under the Company's employee share loan plan (the "ESL Plan"). Mr. Leeder will use the Loan to purchase 125,000 common shares from the treasury of the Company (the "Shares") at a price of $10.07 per Share (representing a discount of 15% off the closing price of the Shares on the TSX Venture Exchange on December 10, 2014). Pursuant to the terms of the ESL Plan, the Loan bears interest at a rate of 4.56% per annum and is repayable within 10 years.

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.

Contact Information

  • Park Lawn Corporation
    Andrew Clark
    Chairman & Chief Executive Officer
    (416) 231-1462
    (416) 233-8155 (FAX)