VANCOUVER, BC, Nov. 27,
2024 /CNW/ - Montfort Capital Corp. ("Montfort" or
the "Company") (TSXV: MONT), a trusted provider of focused
private credit strategies for institutional investors, family
wealth offices, and wealth managers, today announced that the
Company's board of directors has declared a quarterly cash dividend
(the "Class A Quarterly Dividend") of $0.02 per Series A Class A Preferred Shares
(each, a "Class A Preferred Share"), payable on December 31, 2024 to holders of Class A Preferred
Shares of record as at December 17,
2024. The Class A Quarterly Dividend qualifies as an
'eligible dividend' for Canadian income tax purposes.
Holders of the Class A 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 Class A Preferred Shares is targeted to be $0.08 per Class A 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 Class A Preferred Share. The amount and
distribution dates of future dividends remain at the discretion of
the Company's board of directors.
The Company's board of directors has also declared a quarterly
cash dividend (the "Class C Quarterly Dividend") of $0.4971 per Series 1 Class C Preferred Shares
(each, a "Class C Preferred Share"), payable on December 31, 2024, to holders of Class C
Preferred Shares of record as at December
17, 2024. The Class C Quarterly Dividend qualifies as an
'eligible dividend' for Canadian income tax purposes.
Holders of the Class C 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. Under the terms
of the Class C Preferred Shares, holders of each Class C Preferred
Share shall be entitled to receive, if declared, an amount
determined by multiplying the Floating Quarterly Dividend Rate as
calculated on the applicable Floating Rate Calculation Date by
$25.00 and multiplying that product
by a fraction, the numerator of which is the actual number of days
in the Quarterly Floating Rate Period and the denominator of which
is 365 or 366, depending on the actual number of days in the
applicable year, payable on the last day of the Quarterly
Floating Rate Period. The amount and distribution dates of future
dividends remain at the discretion of the Company's board of
directors.
"Floating Quarterly Dividend Rate" means, the annual rate of
interest (expressed as a percentage rounded to the nearest one
hundred-thousandth of one percent (with 0.00005% being rounded up))
equal to the sum of the Government of Canada Yield on the
applicable Floating Rate Calculation Date and 5.00%; provided that,
if: (i) the Government of Canada Yield on the Floating Rate
Calculation Date is less than 1.00%, the Company will deem the
Government of Canada Yield to be 1.00% for the purposes of
calculating the Floating Quarterly Dividend Rate on each Floating
Rate Calculation Date; and (ii) the Government of Canada Yield on
the Floating Rate Calculation Date exceeds 7.00%, the Company will
deem the Government of Canada Yield to be 7.00% for the purposes of
calculating the Floating Quarterly Dividend Rate on each Floating
Rate Calculation Date.
"Floating Rate Calculation Date" means, for any Quarterly
Floating Rate Period, the last day of the prior fiscal quarter to
the Quarterly Floating Rate Period.
"Quarterly Floating Rate Period" means the period from and
including the beginning of a fiscal quarter and ending on the last
day of such fiscal quarter, with the fiscal quarters of
Montfort commencing on
January 1, April 1, July 1 and
October 1.
The description of the terms of the Class A Preferred Shares and
the Class C Preferred Shares disclosed in this press release are
qualified in their entirety by the articles of Montfort posted to its SEDAR+ profile, which
can be accessed at www.sedarplus.ca.
About Montfort Capital Corp.
Montfort is a trusted provider
of focused private credit strategies for institutional investors,
family offices, and wealth managers. We employ focused
strategies, experienced management teams and advanced technology to
drive superior risk-adjusted investment returns. For further
information, please visit www.montfortcapital.com.
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.
Forward-Looking Information
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.
SOURCE Montfort Capital Corp.