- Queen’s Road Capital (QRC) 90 per cent shareholder participation in the DRIP & continuation of the NCIB
- The TSX has approved the company’s notice to start the 2022 NCIB
- The NCIB will allow the company to repurchase its common shares for cancellation
- On November 17 of this year, the company paid a dividend of C$0.017 per share to shareholders of record as of November 7, 2022
- Queen’s Road Capital (QRC) is trading at C$0.77 at 12:18 pm EST
Queen’s Road Capital’s (QRC) board of directors has approved the continuation of its normal course issuer bid for 12 more months.
The TSX has approved the company’s notice to start the 2022 NCIB.
The company is looking to purchase up to 22,126,121 common shares, representing around 5 per cent of its 442,522,435 issued and outstanding common shares.
Any shares purchased under the 2022 NCIB will be cancelled and returned to the treasury.
The NCIB will allow the company to repurchase its common shares for cancellation when the market price may not fully reflect its future prospects.
Any purchases under the 2022 NCIB will depend on future market conditions.
Warren Gilman, Chairman & CEO, said, “We would like to thank our shareholders for their continued trust and support in QRC with a DRIP participation rate 16 per cent higher than the participation rate in last year’s dividend.”
On November 17 of this year, the company paid a dividend of C$0.017 per share to shareholders of record as of November 7, 2022.
Payment of the dividend was made either in cash or, in the case of shareholders electing to participate in the company’s dividend reinvestment plan, in common shares issued at an implied price of C$0.70 per share, amounting to a 5 per cent discount to the five-day volume weighted average price.
Shareholders representing approximately 90 per cent of their outstanding shares elected to take shares under the DRIP and received 9,631,732 shares in payment of the dividend.
“The excess cash will be put towards the 2022 NCIB, allowing us to continue making share purchases that enhance shareholder value during the next 12 months,” added Gilman.
Queen’s Road Capital (QRC) is trading at C$0.77 at 12:18 pm EST.
