VAUGHAN, ON, Aug. 11, 2015 /CNW/ - The Board of Directors of Cara Operations Limited (TSX: CAO) ("Cara" or the "Company") has declared a quarterly dividend of $0.0917 per share on its outstanding subordinate voting shares and multiple voting shares, or approximately $4.5 million in the aggregate, representing a pro-rated expected aggregate annual dividend of $20.0 million, for the period beginning on April 10, 2015 (the closing date of the Company's initial public offering) and ending June 30, 2015.
Payment of the dividend will be made on September 15, 2015 to shareholders of record at the close of business on August 31, 2015.
Dividend Reinvestment Plan
Cara offers a Dividend Reinvestment Plan ("DRIP" or the "Plan') to any registered or beneficial holder of its subordinate voting shares and multiple voting shares who is a resident of Canada. The Dividend Reinvestment Plan enables shareholders to acquire additional subordinate voting shares from Cara by reinvesting all of their cash dividends. The shares will be issued at a discount from the market price of the shares. The purchase price discount has initially been set at 3%.
A registered shareholder may enroll in the Plan by completing an Enrollment Form and returning it to Valiant Trust Company, the Administrator. A completed Enrollment Form must be received by the Administrator no later than 5:00 pm (EDT) on August 24, 2015 in order for the second quarter dividend to be reinvested under the Plan.
To obtain an Enrollment Form, please contact Valiant Trust Company at 1-866-313-1872.
Beneficial holders (persons who use a broker or other intermediary to hold their shares) may also participate in the Plan by (i) directing their broker to electronically transfer all or any number of whole shares into the holder's name and then enrolling in the Plan as a registered holder or (ii) making appropriate arrangements with the broker or other intermediary who holds the shares to enroll in the Plan on their behalf.
A complete copy of the DRIP is available on the Investor Relations website at www.cara.com. Shareholders should carefully read the complete text of the DRIP before making any decisions regarding their participation in the DRIP.
Founded in 1883, Cara is Canada's oldest and largest full-service restaurant company. The Company franchises and/or operates some of the most recognized brands in the country including Swiss Chalet, Harvey's, Milestones, Montana's, Kelsey's, East Side Mario's, Casey's, Prime Pubs, Bier Markt and Landing restaurants. As at June 28, 2015, Cara had 827 restaurants across Canada, 89% of which are operated by franchisees. Cara's restaurants are located across Canada with 72% of Cara's locations based in Ontario. Cara's shares trade on the Toronto Stock Exchange under the ticker symbol CAO. More information about the Company is available at www.cara.com.
Certain statements in this press release may constitute "forward-looking" statements within the meaning of applicable Canadian securities legislation which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or the industry in which they operate, to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements use words such as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. These forward-looking statements involve a number of risks and uncertainties, including those related to: (a) the Company's ability to maintain profitability and manage its growth including SRS Growth, System Sales Growth, increases in net income, Operating EBITDA and Operating EBITDA Margin on System Sales (b) competition in the industry in which the Company operates; (c) the general state of the economy; (d) integration of acquisitions by the Company; (e) risk of future legal proceedings against the Company. These risk factors and others are discussed in detail under the heading "Risk Factors" in the Company's prospectus dated March 31, 2015. New risk factors may arise from time to time and it is not possible for management of the Company to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance or achievements of the Company to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release.
SOURCE Cara Operations Limited