CALGARY, June 10, 2014 /CNW/ - Genesis Land Development Corp. (TSX: GDC)
(the "Corporation" or "Genesis") announces that its Board of Directors
has declared a special cash dividend of $0.12 per common share for a
total of approximately $5.4 million. The special dividend is payable to
shareholders of record on June 20, 2014, and will be paid on June 30,
2014.
"We believe that this special dividend - the first dividend in our
Corporation's history—is an appropriate way to begin to reward
shareholders", said Stephen J. Griggs, Chair of the Board. "The Board
of Directors has considered a range of alternative ways of returning
capital to shareholders, which we continue to review on a regular
basis. This special dividend is part of a balanced approach to the use
of the significant cash flow generated by the sale of land and homes,
which will also allow for reinvestment in our business to ensure
continued long term growth".
"Genesis is successfully implementing its strategic plan and, as a
result, has experienced a significant turnaround in our business
prospects and in our financial situation, with rapidly growing home
sales, strong cash flow and a significantly improved balance sheet",
said Bruce Rudichuk, President and Chief Executive Officer.
The special dividend is designated as an eligible dividend under the Income Tax Act (Canada).
About Genesis
Genesis is an integrated, award-winning land developer and residential
homebuilder, creating innovative and successful communities in the
Calgary Metropolitan Area. Genesis is committed to supporting its
communities through partnerships like the Genesis Centre of Community
Wellness and Genesis Place Recreational Centre. Genesis owns a large
portfolio of entitled residential and mixed-use land in the
metropolitan Calgary area, which is exceptionally well positioned to
benefit from the continued robust activity in the Alberta economy. The
Corporation's common shares are listed on the Toronto Stock Exchange
(TSX: GDC).
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain statements which constitute
forward-looking statements or information ("forward-looking
statements") within the meaning of applicable securities legislation,
including Canadian Securities Administrators' National Instrument
51-102 'Continuous Disclosure Obligations', concerning the business,
operations and financial performance and condition of Genesis.
Forward-looking statements include, but are not limited to, statements
with respect to the payment of the special dividend, the generation of
cash flow from the sale of land and homes, the subsequent reinvestment
in and long term growth of Genesis and Genesis' business strategy.
Generally, these forward-looking statements can be identified by the
use of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved". Although Genesis believes
that the anticipated future results, performance or achievements
expressed or implied by the forward-looking statements are based upon
reasonable assumptions and expectations, the reader should not place
undue reliance on forward-looking statements because they involve
assumptions, known and unknown risks, uncertainties and other factors
many of which are beyond the Corporation's control, which may cause the
actual results, performance or achievements of Genesis to differ
materially from anticipated future results, performance or achievement
expressed or implied by such forward-looking statements. Accordingly,
Genesis cannot give any assurance that its expectations will in fact
occur and cautions that actual results may differ materially from those
in the forward-looking statements.
Factors that could cause actual results to differ materially from those
set forth in the forward-looking statements include, but are not
limited to: the impact or unanticipated impact of general economic
conditions in Canada, the United States and globally; the impact of
contractual arrangements and incurred obligations on future operations
and liquidity; local real estate conditions, including the development
of properties in close proximity to Genesis' properties; timely leasing
of newly-developed properties and re-leasing of occupied square footage
upon expiration; dependence on tenants' financial condition; the
uncertainties of real estate development and acquisition activity; the
ability to effectively integrate acquisitions; fluctuations in interest
rates; ability to raise capital on favourable terms; the impact of
newly-adopted accounting principles on Genesis' accounting policies and
on period-to-period comparisons of financial results; not realizing on
the anticipated benefits from transactions or not realizing on such
anticipated benefits within the expected time frame; and other risks
and factors described from time to time in the documents filed by
Genesis with the securities regulators in Canada available at www.sedar.com, including its Annual Information Form for the financial year ended
December 31, 2013 under the heading "Risk Factors" and its Management's
Discussion and Analysis for the three months ended March 31, 2014 under
the heading "Risks and Uncertainties". Furthermore, the
forward-looking statements contained in this news release are made as
of the date of the news release and, except as required by applicable
law, Genesis does not undertake any obligation to publicly update or to
revise any of the forward-looking statements, whether as a result of
new information, future events or otherwise.
SOURCE Genesis Land Development Corp.
