CHESSWOOD GROUP LIMITED ANNOUNCES SEPTEMBER 2023 DIVIDEND
Dividend Rate is Temporarily Reduced
TORONTO, Sept. 18, 2023 /CNW/ - Chesswood Group Limited ("Chesswood" or the "Company") (TSX: CHW) today announced that a dividend in an amount of one cent ($0.01) per share has been declared for the month of September, payable on October 16, 2023, to shareholders of record at the close of business on September 29, 2023.
Chesswood advises that the dividend declared for the month ending September 30, 2023 will be an eligible dividend for the purposes of the Income Tax Act (Canada) and any similar provincial legislation.
As noted in the Company's news release announcing the dividend for August, the actions by central banks to significantly raise interest rates has affected the business climate generally and has temporarily compressed our net interest margins. As contemplated in that news release, management and our directors conducted a thorough evaluation of our portfolio performance and various interest rate scenarios on our profitability and concluded that a temporary adjustment to our dividend rate was warranted in order to proactively address this period of macroeconomic uncertainty. "This temporary measure will allow us to conserve capital and focus on various growth opportunities in the near term that will ultimately enhance long-term shareholder value," said Ryan Marr, Chesswood's President and CEO.
ABOUT CHESSWOOD GROUP LIMITED
Chesswood Group Limited is a Toronto, Canada based holding company whose subsidiaries engage in the business of specialty finance (including equipment finance throughout North America and vehicle finance and legal sector finance in Canada), as well as the origination and management of private credit alternatives for North American investors. Our shares trade on the Toronto Stock Exchange (under the symbol CHW).
For information on Chesswood Group Limited and its operating subsidiaries:
www.ChesswoodGroup.com
www.PawneeLeasing.com www.TandemFinance.com
www.VaultPay.ca www.VaultCredit.com
www.Rifco.net www.WaypointInvestmentPartners.com
www.EasyLegal.ca
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN
SOURCE Chesswood Group Limited
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