Mosaic Capital Corporation Announces Quarterly Dividend on Its Common Shares and RSU Issuances
Calgary, Alberta (FSCwire) - Mosaic Capital Corporation ("Mosaic") (TSX-V Symbols: M, M.PR.A and M.WT) is pleased to announce that its Board of Directors has approved a quarterly dividend on Mosaic's common shares (TSX-V Symbol: M) of $0.10 per share (or $0.40 per share on an annualized basis). This dividend will be paid September 30, 2015 to holders of record on September 15, 2015. The objective of paying a dividend is to allow common shareholders of Mosaic to participate in our free cash flow while ensuring Mosaic retains sufficient capital to preserve its strong balance sheet, continue its acquisition strategy and fund organic growth.
Mosaic's dividend on its common shares is designated to be an eligible dividend for purposes of the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.
Mosaic also reports that as part of its variable incentive compensation program (the "Incentive Plan"), it has approved the conditional issuance of restricted securities units ("RSUs") to two individuals who have recently been hired by Mosaic. The maximum potential number of RSUs to which these individuals may become entitled have been authorized for conditional issuance (being up to 20,922 common share RSUs or 23,830 preferred security RSUs, or a combination thereof), but a portion of those RSUs may be cancelled in early 2016 to the extent that specified performance criteria are not met or exceeded. The RSUs are to be settled on a one-for-one basis for the underlying security, being common shares or preferred securities (as the case may be). Mosaic has reserved a maximum of 20,922 common shares to be issued upon settlement and exercise of the common share RSUs (each at a settlement price of $11.80) and 23,830 preferred securities to be issued upon settlement and exercise of the preferred security RSUs (each at a settlement price of $10.36). A detailed description of the Incentive Plan, as well as certain material attributes of the RSUs, are set forth in the information circular for Mosaic's most recent annual and special meeting of shareholders which has been filed on SEDAR at www.sedar.com under the profile for Mosaic.
In addition, as part of its compensation program for directors, Mosaic has also authorized the issuance of 8,196 common share RSUs to its non-executive directors. These RSUs will vest June 1, 2016 and are to be settled on a one-for-one basis for the underlying common shares. Mosaic has reserved 8,196 common shares to be issued upon settlement and exercise of these RSUs, each at a settlement price of $9.15.
ABOUT MOSAIC CAPITAL CORPORATION
Mosaic is an investment company based in western Canada that owns a portfolio of established businesses with competitive advantages that have a history of generating cash flow from their operations. Mosaic's objective is to create long term value for its shareholders and business partners and to have that reflected in its share price. Mosaic believes that this is achieved by growing free cash flow per share and retained earnings. Mosaic does this by acquiring businesses it understands at attractive prices, managing risk through extensive due diligence, creative transaction structuring and working closely with subsidiary businesses after acquisition.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tim Taylor
Vice President
Mosaic Capital Corporation
400, 2424 – 4th Street SW
Calgary, AB T2S 2T4
Tel: (403) 270-4658
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/mosaic09032015.pdf
Source: Mosaic Capital Corporation (TSX Venture:M) http://www.mosaiccapitalcorp.com/
Maximum News Dissemination by FSCwire. http://www.fscwire.com
Copyright © 2015 Filing Services Canada Inc.
