MISSISSAUGA, ON, March 4, 2021 /CNW/ - The Board of Directors
of Cargojet Inc. has declared a cash dividend of $0.2600 per common voting share and variable
voting share for the period from January 1,
2021 to March 31, 2021, an
increase of $0.0260 or 11.1% per
share from the previous quarter.
"In recognition of our 2020 results and our strengthened
financial position, our Board has voted to increase the dividend"
said Dr. Ajay Virmani, President and
Chief Executive Officer. "We remain committed to prudently manage
our cashflows and will continue to strike the right balance between
investing in growth and returning cash to shareholders", he
added.
Cargojet has a long history of providing value to its
shareholders through regular dividend increases. This also marks
the 16th consecutive year Cargojet has paid dividends or cash
distributions.
The record date for determining shareholders of the Corporation
entitled to receive payment of the dividend of the Corporation
shall be December 19, 2021 and the
payment date for such dividend shall be on or before April 5, 2021. These dividends will be eligible
dividends within the meaning of the Income Tax Act (Canada).
Cargojet is Canada's leading
provider of time sensitive premium air cargo services to all major
cities across North America,
providing Dedicated, ACMI and International Charter services and
carries over 25,000,000 pounds of cargo weekly. Cargojet operates
its network with its own fleet of 28 cargo aircraft.
Notice on Forward Looking Statements:
Certain statements contained herein, including statements
related to the completion of the Offering and use of net proceeds
of the Offering, constitute "forward-looking statements".
Forward-looking statements look into the future and provide an
opinion as to the effect of certain events and trends on the
business. Forward-looking statements may include words such as
"plans", "intends", "anticipates", "should", "estimates",
"expects", "believes", "indicates", "targeting", "suggests" and
similar expressions. These forward-looking statements are based on
current expectations and entail various risks and uncertainties.
Reference should be made to the issuer's public filings available
at www.sedar.com and at www.cargojet.com, including its most
recent Annual Information Form filed with the Canadian securities
regulators, its most recent Consolidated Financial Statements and
Notes thereto and related Management's Discussion and Analysis
(MD&A), and the short form prospectus to be filed in connection
with the Offering, for a summary of material risks. These risks are
not intended to represent a complete list of the risks that could
affect the issuer; however, these risks should be considered
carefully. Actual results may materially differ from expectations,
if known and unknown risks or uncertainties affect our business, or
if our estimates or assumptions prove inaccurate. The
forward-looking statements contained herein describe the issuer's
expectations at the date of this news release and, accordingly, are
subject to change after such date. The issuer assumes no obligation
to update or revise any forward-looking statement, whether as a
result of new information, future events or any other reason, other
than as required by applicable securities laws. In the event the
issuer does update any forward-looking statement, no inference
should be made that the issuer will make additional updates with
respect to that statement, related matters, or any other
forward-looking statement. Readers are cautioned not to place undue
reliance on these forward-looking statements
SOURCE Cargojet Inc.