Business
Genesis Land Development Corp. Announces Declaration of $5.4 Million Special Dividend - First Dividend in Corporation's History
CALGARY , June 10, 2014 /CNW/ - Genesis Land Development Corp. (TSX: GDC) (the "Corporat...
About this update from Genesis Land Development Corp.
[{"type":"text","content":"\n\n\nCALGARY, June 10, 2014 /CNW/ - Genesis Land Development Corp. (TSX: GDC)\n (the \"Corporation\" or \"Genesis\") announces that its Board of Directors\n has declared a special cash dividend of $0.12 per common share for a\n total of approximately $5.4 million. The special dividend is payable to\n shareholders of record on June 20, 2014, and will be paid on June 30,\n 2014.\n\n\n\"We believe that this special dividend - the first dividend in our\n Corporation's history—is an appropriate way to begin to reward\n shareholders\", said Stephen J. Griggs, Chair of the Board. \"The Board\n of Directors has considered a range of alternative ways of returning\n capital to shareholders, which we continue to review on a regular\n basis. This special dividend is part of a balanced approach to the use\n of the significant cash flow generated by the sale of land and homes,\n which will also allow for reinvestment in our business to ensure\n continued long term growth\".\n\n\n\"Genesis is successfully implementing its strategic plan and, as a\n result, has experienced a significant turnaround in our business\n prospects and in our financial situation, with rapidly growing home\n sales, strong cash flow and a significantly improved balance sheet\",\n said Bruce Rudichuk, President and Chief Executive Officer.\n\n\nThe special dividend is designated as an eligible dividend under the Income Tax Act (Canada).\n\n\nAbout Genesis \n\n\nGenesis is an integrated, award-winning land developer and residential\n homebuilder, creating innovative and successful communities in the\n Calgary Metropolitan Area. Genesis is committed to supporting its\n communities through partnerships like the Genesis Centre of Community\n Wellness and Genesis Place Recreational Centre. Genesis owns a large\n portfolio of entitled residential and mixed-use land in the\n metropolitan Calgary area, which is exceptionally well positioned to\n benefit from the continued robust activity in the Alberta economy.  The\n Corporation's common shares are listed on the Toronto Stock Exchange\n (TSX: GDC).\n\n\nCautionary Statement Regarding Forward-Looking Information\n\n\nThis news release contains certain statements which constitute\n forward-looking statements or information (\"forward-looking\n statements\") within the meaning of applicable securities legislation,\n i...