~Montfort to pay cash dividend payment to Series A Class A Preferred Shareholders of record on March 24th~
VANCOUVER, BC – March 16, 2023 – Montfort Capital Corp. (“Montfort” or the “Company”) (TSX-V:MONT/OTCQB:MONTF), a leading alternative lender utilizing focused strategies, experienced management teams and advanced technology, today announced that the Company’s board of directors has declared a quarterly cash dividend (the “Quarterly Dividend”) of $0.02 per Series A Class A Preferred Shares (each, a “Preferred Shares”), payable on March 31, 2023, to holders of Preferred Shares of record as at March 24, 2023. The Quarterly Dividend qualifies as an ‘eligible dividend’ for Canadian income tax purposes.
Holders of the Preferred Shares are entitled to receive fixed non-cumulative preferential cash dividends, if, as and when declared by the board of directors of the Company (the “Board”). Under the Company’s dividend policy, the annual dividend rate for the Preferred Shares is targeted to be $0.08 per Preferred Share and dividends, if declared, will be payable on the last day of December, March, June and September in each year, or if such day is not a business day, on the next business day, at a quarterly rate of $0.02 per Preferred Share. The amount and distribution dates of future dividends remain at the discretion of the Company’s board of directors.
About Montfort Capital Corporation
Montfort manages a diversified group of specialized private credit brands that utilize focused strategies and experienced management teams combined with advanced technology to improve fee-related performance. Montfort facilitates transparency for all of its investors through public company reporting. For further information, please visit www.montfortcapital.com
For more information, please contact:
Tim McNulty / Darren Seed
Incite Capital Markets
Andrew Abouchar, Interim CEO
Montfort Capital Corporation
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Certain information and statements in this news release contain and constitute forward-looking information or forward-looking statements as defined under applicable securities laws (collectively, “forward-looking statements”). Forward-looking statements normally contain words like ‘believe’, ‘expect’, ‘anticipate’, ‘plan’, ‘intend’, ‘continue’, ‘estimate’, ‘may’, ‘will’, ‘should’, ‘ongoing’ and similar expressions, and within this news release include any statements (express or implied) respecting the future growth of the Company and the Company’s future financial performance.
Forward-looking statements are not guarantees of future performance, actions, or developments and are based on expectations, assumptions and other factors that management currently believes are relevant, reasonable and appropriate in the circumstances, including, without limitation, the assumption that the Company and its investee companies are able to meet their respective future objectives and priorities and assumptions concerning general economic growth and the absence of unforeseen changes in the legislative and regulatory framework for the Company.
Although management believes that the forward-looking statements are reasonable, actual results could be substantially different due to the risks and uncertainties associated with and inherent to Montfort’s business. Material risks and uncertainties applicable to the forward-looking statements set out herein include but are not limited to: intense competition in all aspects of business; reliance on limited management resources; general economic risks; new laws and regulations and risk of litigation. Although Montfort has attempted to identify factors that may cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, predicted, estimated or intended. Also, many of the factors are beyond the control of Montfort. Accordingly, readers should not place undue reliance on forward-looking statements. Montfort undertakes no obligation to reissue or update any forward-looking statements as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements contained in this news release are qualified by this cautionary statement.