Diversified Royalty Corp. Announces July 2024 Cash Dividend
July 03 2024 - 5:05PM
Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the
“Corporation” or “DIV”) is pleased to announce that its board of
directors has approved a cash dividend of $0.02083 per common share
for the period of July 1, 2024 to July 31, 2024, which is equal to
$0.25 per common share on an annualized basis. The dividend will be
paid on July 31, 2024 to shareholders of record as of the close of
business on July 15, 2024.
About Diversified Royalty Corp.
DIV is a multi-royalty corporation,
engaged in the business of acquiring top-line royalties from
well-managed multi-location businesses and franchisors in North
America. DIV’s objective is to acquire predictable, growing royalty
streams from a diverse group of multi-location businesses and
franchisors.
DIV currently owns the Mr. Lube + Tires,
AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning
Centres, Stratus Building Solutions and BarBurrito trademarks. Mr.
Lube + Tires is the leading quick lube service business in Canada,
with locations across Canada. AIR MILES® is Canada’s largest
coalition loyalty program. Sutton is among the leading residential
real estate brokerage franchisor businesses in Canada. Mr. Mikes
operates casual steakhouse restaurants primarily in western
Canadian communities. Nurse Next Door is a home care provider with
locations across Canada and the United States as well as in
Australia. Oxford Learning Centres is one of Canada’s leading
franchisee supplemental education services. Stratus Building
Solutions is a leading commercial cleaning service franchise
company providing comprehensive environmentally friendly
janitorial, building cleaning, and office cleaning services
primarily in the United States. BarBurrito is the largest quick
service Mexican restaurant food chain in Canada.
DIV’s objective is to increase cash flow
per share by making accretive royalty purchases and through the
growth of purchased royalties. DIV intends to continue to pay a
predictable and stable monthly dividend to shareholders and
increase the dividend over time, in each case as cash flow per
share allows.
Forward Looking Statements
Certain statements contained in this news
release may constitute “forward-looking information” within the
meaning of applicable securities laws that involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking information. The use
of any of the words “anticipate”, “continue”, “estimate”, “expect”,
“intend”, “may”, “will”, ”project”, “should”, “believe”,
“confident”, “plan” and “intends” and similar expressions are
intended to identify forward-looking information, although not all
forward-looking information contains these identifying words.
Specifically, forward-looking information in this news release
includes, but is not limited to, statements made in relation to:
the amount and timing of the July 2024 dividend to be paid to DIV’s
shareholders; DIV’s objective to continue to pay predictable and
stable monthly dividends to shareholders; and DIV’s corporate
objectives. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or
events, performance, or achievements of DIV to differ materially
from those anticipated or implied by such forward-looking
information. DIV believes that the expectations reflected in the
forward-looking information included in this news release are
reasonable but no assurance can be given that these expectations
will prove to be correct. In particular there can be no assurance
that: DIV will be able to make monthly dividend payments to the
holders of its common shares; or DIV will achieve any of its
corporate objectives. Given these uncertainties, readers are
cautioned that forward-looking information included in this news
release are not guarantees of future performance, and such
forward-looking information should not be unduly relied upon. More
information about the risks and uncertainties affecting DIV’s
business and the businesses of its royalty partners can be found in
the “Risk Factors” section of its Annual Information Form dated
March 21, 2024 and in its most recent Management’s Discussion and
Analysis, copies of each of which are available under DIV’s profile
on SEDAR+ at www.sedarplus.com.
In formulating the forward-looking information
contained herein, management has assumed that, among other things,
DIV will generate sufficient cash flows from its royalties to
service its debt and pay dividends to shareholders; the business
and economic conditions affecting DIV and its royalty partners will
continue substantially in the ordinary course, including without
limitation with respect to general industry conditions, general
levels of economic activity and regulations. These assumptions,
although considered reasonable by management at the time of
preparation, may prove to be incorrect.
All of the forward-looking statements made in
this news release are qualified by these cautionary statements and
other cautionary statements or factors contained herein, and there
can be no assurance that the actual results or developments will be
realized or, even if substantially realized, that they will have
the expected consequences to, or effects on, DIV. The
forward-looking information included in this news release is
presented as of the date of this news release and DIV assumes no
obligation to publicly update or revise such information to reflect
new events or circumstances, except as may be required by
applicable law.
THE TORONTO STOCK EXCHANGE HAS NOT
REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE
ACCURACY OF THIS RELEASE.
Additional Information
Additional information relating to the
Corporation and other public filings, is available on SEDAR+ at
www.sedarplus.com.
Contact:Sean Morrison, President and Chief
Executive OfficerDiversified Royalty Corp. (236) 521-8470
Greg Gutmanis, Chief Financial Officer and VP
Acquisitions Diversified Royalty Corp. (236) 521-8471
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