Dominion Lending Centres Announces Implementation of Quarterly Dividend
Vancouver, British Columbia – April 13, 2022 – Dominion Lending Centres Inc. (TSX:DLCG) (“DLC” or the “Corporation”) is pleased to announce the implementation of a quarterly dividend with respect to its class A common shares (the “Common Shares”). The Board of Directors has declared an inaugural cash dividend of $0.03 per Common Share that will be payable on June 15, 2022 to shareholders of record on June 1, 2022. The dividend will be designated as an “eligible dividend” for Canadian income tax purposes. While the Corporation continues to prioritize the allocation of free cash flow to growth initiatives and debt reduction, DLC’s strong financial outlook and operating results have enabled the implementation of the quarterly dividend to further augment shareholder returns.
Gary Mauris, Executive Chairman and CEO, commented, “We are pleased to announce the commencement of a quarterly dividend for our shareholders. Since the corporate reorganization completed on December 31, 2020, we have been focused on maximizing shareholder value through strong operational performance as well as simplifying our overall capital and corporate structure. The Corporation announced record results throughout 2021 including total funded volumes of over $78 billion, refinanced our credit facilities at a significantly lower cost of capital, acquired the remaining 30% of Newton that DLC did not already own as well as achieved strong recruiting results ending the year with over 7,750 mortgage professionals. Going forward, we continue to focus on driving funded volume and free cash flow growth, while well-positioned to pay down debt and return capital to our shareholders via the announced dividend.”
About Dominion Lending Centres Inc.
The DLC Group is Canada’s leading network of mortgage professionals. The DLC Group operates through Dominion Lending Centres and its three main subsidiaries, MCC Mortgage Centre Canada Inc., MA Mortgage Architects Inc. and Newton Connectivity Systems Inc., and has operations across Canada. The DLC Group’s extensive network includes ~7,750 agents and 530 locations. Headquartered in British Columbia, the DLC Group was founded in 2006 by Gary Mauris and Chris Kayat.
Contact information for the Corporation is as follows:
|Robin Burpee |
Co-Chief Financial Officer
Sr. Vice-President, Capital Markets
This press release contains forward-looking information under applicable securities legislation concerning the payment of future dividends under the Corporation’s quarterly dividend program. Although DLC believes that the expectations reflected in such forward-looking information are reasonable based on the information available at the time of this press release, undue reliance should not be placed on the forward-looking information as DLC can give no assurance that such expectations will prove to be correct. Such forward-looking information is based on a number of assumptions which may prove to be incorrect. In the case of the payment of future dividends under the Corporation’s quarterly dividend program, these include assumptions as to the Corporation’s future free cash flow, operating results, capital requirements and financial position. There are risks that may result in the Corporation changing, suspending or discontinuing its quarterly dividend program, including changes to free cash flow, operating results, capital requirements, financial position, market conditions or corporate strategy and the need to comply with requirements under debt agreements and applicable laws respecting the declaration and payment of dividends. There are no assurances as to the continuing declaration and payment of future dividends under the Corporation’s quarterly dividend program or the amount or timing of any such dividends. For more information relating to risks, see “Risk Factors” in DLC’s annual information form for the year ended December 31, 2021, which is available on SEDAR at www.sedar.com.
The forward-looking information contained in this press release is made as of the date hereof and, except as required by applicable securities law, DLC undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.