Business
ELYSEE earns $999,250 ($0.05 per share) during the six months ended May 31, 2018; declares interim dividend of $0.01 per share
Vancouver, British Columbia--(Newsfile Corp. - July 18, 2018) - Elysee Development Corp. (TSX...
About this update from Elysee Development Corp
[{"type":"text","content":"ELYSEE earns $999,250 ($0.05 per share) during the six months ended May 31, 2018; declares interim dividend of $0.01 per shareVancouver, British Columbia--(Newsfile Corp. - July 18, 2018) - Elysee Development Corp. (TSXV: ELC) is pleased to announce that its unaudited financial statements and management discussion and analysis for the three and six months ended May 31, 2018 are now available for viewing on SEDAR and at www.elyseedevelopment.com. All dollar amounts are in Canadian funds. During the six months ended May 31, 2018 (\"the current period\"), Elysee had net earnings of $999,250 ($0.05 per share) as compared with net earnings of $543,403 ($0.03 per share) for the six months ended May 31, 2017 (\"the prior period\"). The earnings for the current period were primarily the result of realized gains on marketable securities of $1,418,339, unrealized losses on marketable securities of $188,091 and interest and dividend income of $46,110.As a result of the company's strong financial performance during the first six months of fiscal 2018, the board of directors has decided to declare an interim dividend of one cent ($0.01) per share on the company's common shares. The dividend is to be paid on August 3, 2018 to shareholders of record on July 27, 2018. It is an eligible dividend for income tax purposes. This is the first dividend attributable to Fiscal 2018 and it's the third dividend declared by Elysee within the last 13 months, with a dividend of $0.01 per share having been paid on July 31, 2017 and $0.02 per share being paid on February 20, 2018 as a result of our strong performance in Fiscal 2017. The company intends to continue its policy of paying dividends on a regular basis whenever it is prudent to do so and whenever results warrant.As of May 31, 2018 Elysee's net asset value (\"NAV\") was $12,184,405 or $0.56 per share. The fair value of the company's investments in marketable securities was $10,068,610. Cash and cash equivalents at May 31, 2018 totaled $2,083,754 as compared to $882,010 at November 30, 2017. The Company's only debt was comprised of trade payables of $10,570 as of May 31, 2018. During the month of May the company received approval to renew its Normal Course Issuer Bid to buy back up to 1,091,687 shares over a one year period terminating May 8, 2019Guido Cloetens, the chief executive officer of Elysee, ...