Superior Plus Announces December 2018 Cash Dividend and Expiry of Its At-The-Market Equity Program
TORONTO--(BUSINESS WIRE)-- Superior Plus:
December 2018 Cash Dividend - $0.06 per share
Superior Plus Corp. (“Superior”) (TSX: SPB) today announced its cash dividend for the month of December 2018 of $0.06 per share payable on January 15, 2019. The record date is December 31, 2018 and the ex-dividend date will be December 28, 2018. Superior’s annualized cash dividend rate is currently $0.72 per share. This dividend is an eligible dividend for Canadian income tax purposes.
At-the-Market Equity Program
Superior’s "at-the-market" equity offering program (the "ATM Program") which allowed Superior to sell, from time to time, up to $100,000,000 in common shares of Superior on the Toronto Stock Exchange will expire on December 9, 2018, concurrent with the expiry of Superior’s short form base shelf prospectus dated November 9, 2016. Under the ATM Program, Superior sold an aggregate of 29,400 common shares at an average price of $12.76 per share for net proceeds of approximately $0.4 million.
Superior consists of two primary operating businesses: Energy Distribution includes the distribution of propane and distillates, and supply portfolio management; and Specialty Chemicals includes the manufacture and sale of specialty chemicals.
For further information about Superior, please visit our website at: www.superiorplus.com.
Forward Looking Information
This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as "annualized", and similar expressions.
In particular, this news release contains forward-looking statements and information relating to: future dividends which may be declared on Superior’s common shares, the dividend payment, the tax treatment thereof, and the receipt of cash dividends. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release, regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that any required commercial agreements can be reached; and that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2017, which can be found at www.sedar.com .
Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.
Beth Summers, Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
Rob Dorran, Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
Toll Free: 1-866-490-PLUS (7587)