Cervus Maintains Third Quarter 2020 Dividend
CALGARY, Alberta (September 11, 2020)
-- Cervus Equipment Corporation (“Cervus” or the “Company”) (TSX: CERV) today announced that the Cervus Board of Directors has approved a cash dividend to Cervus shareholders of $0.015 per share for the third quarter of 2020. Payment will be made on or about October 15, 2020 to shareholders of record as of the close of business on September 30, 2020.
On June 10, 2020, the Company announced the intention to reallocate the mix of shareholder distributions between cash dividends and share repurchases under the Company’s Normal Course Issuer Bid. At that time, cash dividends were reduced from the previous quarterly $0.11 per share to the current quarterly $0.015 per share and reallocated to share repurchases. Subsequent to this announcement, Cervus has repurchased 286,360 shares at a total cost of $2.1 million and an average cost of $7.33 per share.
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 63 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
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.