Business
Queen's Road Capital Announces Increased Annual Dividend of C$0.017/Share
Hong Kong, Hong Kong--(Newsfile Corp. - October 18, 2022) - Queen's Road Capital Investment L...
About this update from Queen's Road Capital Investment Ltd.
[{"type":"text","content":"Queen's Road Capital Announces Increased Annual Dividend of C$0.017/ShareHong Kong, Hong Kong--(Newsfile Corp. - October 18, 2022) - Queen's Road Capital Investment Ltd. (TSX: QRC) (the \"Company\" or \"QRC\") is pleased to declare its annual dividend of C$0.017/share payable on November 17, 2022 (\"Dividend Payment Date\"). The dividend is payable to all shareholders of record as at November 7, 2022 (\"Dividend Record Date\").The dividend is an increase of 13.3% over last year's dividend in a year of challenges for global equity markets that spared no sectors of the economy despite the ongoing strong long-term fundamentals for the resource sector which struggles to meet growing demand from the continuously evolving green economy.During the last twelve months, QRC grew its investment base to over $140m with $90m in convertible debentures earning an average interest rate of 8.2% and generating gross annual income of $7.4m, exclusive of additional establishment fee income and realized gains on sale of equity investments. QRC anticipates increased gross annual income in 2023 which will provide a platform for further dividend growth next year.Warren Gilman, Chairman & CEO, stated: \"We are delighted to announce a 13% increase in our annual dividend. Dividends are a core value of Queen's Road and reflect the financial discipline with which we manage our investments. We welcome the strong participation of major shareholders in the DRIP program, which is a testament to their belief in the underlying value and strategy of the Company.\"The previously approved dividend reinvestment plan (\"DRIP\") continues to be in effect, allowing investors to receive QRC shares in lieu of cash as a dividend. In order to participate in the DRIP, shareholders of record need to enrol anytime up to five (5) business days prior to the Dividend Record Date. Any shareholder who has previously registered in the DRIP will continue to be registered in the DRIP unless they have taken the steps to deregister.In order to process their DRIP application:Registered shareholders (those holding share certificates and/or shares under the Direct Registration System - DRS) must sign up directly with the transfer agent (Computershare) on its website (www.investorcentre.com) or by calling Computershare's shareholder enquiry line at +1-800-564-6253;Beneficial shareholder...