North American Construction Group Announces Dividend Increase
August 07 2019 - 4:05PM
North American Construction Group Ltd. (“NACG” or “the Company”)
(TSX:NOA/NYSE:NOA) today announced that the Board of Directors has
approved a change to its dividend policy whereby the Company’s
regular dividend will be increased to sixteen Canadian cents
($0.16) per common share per year, payable on a quarterly basis, up
from the current eight Canadian cents ($0.08) per year. The
change in dividend policy will be effective immediately and the
Board of Directors has amended the declaration of dividend
previously announced on July 30, 2019, to be in the amount of four
Canadian cents ($0.04) rather than the previously announced two
Canadian cents ($0.02). That increased dividend continues to
be payable to common shareholders of record at the close of
business on August 31, 2019, will be paid on October 4, 2019 and is
an eligible dividend for Canadian income tax purposes.
Commenting on this move, Martin Ferron, Chairman
and Chief Executive Officer stated; “Although this is the first
increase to the dividend initiated in 2014, the Board of Directors
has now resolved to review further increases on an annual basis.
Due to our strong backlog spanning several years, we believe that
we will generate sufficient cash flow to achieve our deleveraging
targets while also continuing to grow our business and maintain our
shareholder friendly posture.”
Forward-Looking Information
The information provided in this release contains
forward-looking statements. Forward-looking statements include
statements preceded by, followed by or that include the words
“believe”, “will” or similar expressions. Examples of
forward-looking information in this news release include the belief
that the Company will generate sufficient cash flow to achieve its
deleveraging targets while also continuing to grow its business and
maintain its shareholder friendly posture. Actual results could
differ materially from those contemplated by such forward-looking
statements as a result of any number of factors and uncertainties,
many of which are beyond our control. Important factors that could
cause actual results to differ materially from those in
forward-looking statements include general economic and market
conditions, success of business development efforts, changes in oil
and gas prices, availability of a skilled labour force and
performance of our customers. Undue reliance should not be placed
upon forward-looking statements and we undertake no obligation,
other than those required by applicable law, to update or revise
those statements. For more complete information about us you should
read the Company’s disclosure documents that have been filed with
the SEC and the CSA. You may obtain these documents for free by
visiting EDGAR on the SEC website at www.sec.gov or on the CSA
website at www.sedar.com.
About the Company
North American Construction Group Ltd.
(www.nacg.ca) is one of Canada’s largest providers of heavy civil
construction and mining contractors. For more than 60 years, NACG
has provided services to large oil, natural gas and resource
companies.
For further information contact:
Jason VeenstraChief Financial OfficerNorth American Construction
Group 780.948.2009jveenstra@nacg.cawww.nacg.ca
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