Cervus Partially Restores Fourth Quarter Dividend to $0.06 Per Share
CALGARY, Alberta (December 11, 2020)
-- Cervus Equipment Corporation (“Cervus” or the “Company”) (TSX: CERV) today announced that the Board of Directors approved a fourth quarter 2020 dividend of $0.06 per share, to be paid on or about January 15, 2021, to Cervus shareholders of record as at December 31, 2020.
This partially restores $0.045 per share of quarterly dividends that had been temporarily reallocated to share repurchases under the Company’s Normal Course Issuer’s Bid (“NCIB”). During 2020, Cervus repurchased 290 thousand shares at an average cost of $7.35 per share, resulting in a distribution of $2.1 million under the NCIB.
Investors are cautioned that quarterly dividends are subject to approval from the Board of Directors of Cervus and may be increased, decreased, or suspended by the Board at any time.
About Cervus Equipment
Cervus provides equipment solutions to customers in agriculture, transportation, and industrial markets across Canada, Australia, and New Zealand. Throughout its territories and across its diverse markets, Cervus dealerships are united in delivering sales and support of the market-leading equipment our customers depend on to earn a living. The Company operates 64 Cervus dealerships and is the authorized representative of leading equipment brands including: John Deere agricultural equipment; Peterbilt transportation equipment; and Clark, Sellick, Doosan, JLG and Baumann material handling equipment. Its common shares are listed on the Toronto Stock Exchange and trade under the symbol "CERV".
For more information please contact:
Angela Lekatsas, President and CEO
Adam Lowther, Chief Financial Officer