Business
Queen's Road Capital Announces Increased Annual Dividend of C$0.019/Share
Hong Kong, Hong Kong--(Newsfile Corp. - October 16, 2023) - Queen's Road Capital Investment Ltd....
About this update from Queen's Road Capital Investment Ltd.
[{"type":"text","content":"Queen's Road Capital Announces Increased Annual Dividend of C$0.019/ShareHong Kong, Hong Kong--(Newsfile Corp. - October 16, 2023) - Queen's Road Capital Investment Ltd. (TSX: QRC) (the \"Company\" or \"QRC\") is pleased to declare its annual dividend of C$0.019/share payable on November 16, 2023 (the \"Dividend Payment Date\"). The dividend is payable to all shareholders of record as at November 6, 2023 (the \"Dividend Record Date\").This year's dividend payment is an increase of C$0.002 over last year's dividend payment representing a one-year increase of 12% and a two-year increase of 27% reflecting the growth of our convertible debenture portfolio.During the last twelve months QRC has grown its convertible debenture portfolio by 66% to $149m earning an average interest rate of 9.0% and generating gross annual income of $13.4m, not including additional establishment fee income and realized gains on sale of equity investments. QRC anticipates gross annual income in 2024 to grow by 40+% compared to 2023 based on the existing portfolio alone, which will provide a platform for further dividend growth next year.Warren Gilman, Chairman & CEO, stated: \"We are delighted to announce another 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 participation of all 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 applications: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 shareholders (those holding their shares throug...