Mullen Group Ltd.Announces 20.0 Percent Increase to Dividend TSX: MTL) The Board of Directors of Mullen Group Ltd. ("Mullen Group", "We", "Our" and/or the "Corporation") announced today that it has approved an increase to the Corporation's monthly dividend from $0.05 to $0.06 per Common Share. This represents a twenty percent increase from the prior dividend declared on April 19, 2022 and equates to an annualized dividend of $0.72 per Common Share. This increase will be effective as of the next regular dividend payment, which is expected to be payable on June 15, 2022, to shareholders of record on May 31, 2022.
"Today we announce a substantial increase in the monthly dividend, extending the tradition of rewarding long term shareholders with a portion of the free cash our business generates. In fact, since 2000 we have returned over $1.4 billion to investors, a good indication that the strategic initiatives we have implemented produce positive results. The Board's decision to increase the dividend was based upon the current outlook for the economy and our business, along with the view that redirecting a portion of the annual free cash from the approved NCIB program towards an increase in the dividend, would be in the best interests of shareholders at this time," commented Mr. Murray K. Mullen, Chair and CEO.
Mullen Group is one of North America's largest logistics providers. Our network of independently operated businesses provide a wide range of service offerings including less-than-truckload, truckload, warehousing, logistics, transload, oversized, third-party logistics and specialized hauling transportation. In addition, we provide a diverse set of specialized services related to the energy, mining, forestry and construction industries in western Canada, including water management, fluid hauling and environmental reclamation. The corporate office provides the capital and financial expertise, legal support, technology and systems support, shared services and strategic planning to its independent businesses.