OKOTOKS, AB, July 22, 2020 /CNW/ - (TSX: MTL) The Board of Directors (the "Board") of Mullen Group Ltd. ("Mullen Group", "We", "Our" and/or the "Corporation") announced today that we will resume the dividend by paying $0.03 per Common Share on a monthly basis with payments to resume to all holders of record of Common Shares at the close of business on July 31, 2020. The dividend will be paid on August 17, 2020.
For Canadian resident shareholders, this dividend is designated as an "eligible dividend" for purposes of the enhanced dividend tax credit rules contained in the Income Tax Act (Canada) and any corresponding provincial and territorial tax legislation.
"In April we suspended the monthly dividend. The rationale seemed rather simple and straightforward at the time. There was tremendous uncertainty due to the outbreak of COVID-19 in North America and we were concerned that there could be a rapid decline in demand for the services our Business Units provide. Furthermore, as business activity declined, we were forced to provide temporary lay-off notices to many of our front-line workers through no fault of their own.
"Today, however, I am pleased to announce that business activity is returning, demand has stabilized, and we have rehired over 50 percent of our workforce. And while the issues related to COVID-19 have not been eliminated there is a better understanding of how to handle the health care crisis. For this reason, the Board is comfortable at reinstating the dividend at $0.03 per Common Share per month, effective immediately. Shareholders can expect to see a dividend cheque in August 2020," commented Mr. Murray K. Mullen, Chairman and Chief Executive Officer.
About Mullen Group Ltd.
Mullen Group is a logistics company that owns a network of independently operated businesses. The Corporation is recognized as one of the leading suppliers of trucking and logistics services in Canada providing a wide range of service offerings including less-than-truckload, truckload, warehousing, logistics, transload, oversized 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.
Mullen Group is a publicly traded corporation listed on the Toronto Stock Exchange under the symbol "MTL". Additional information is available on our website at www.mullen-group.com or on SEDAR at www.sedar.com.
Mr. Murray K. Mullen - Chairman of the Board, Chief Executive Officer and President
Mr. P. Stephen Clark - Chief Financial Officer
Mr. Richard J. Maloney - Senior Vice President
Ms. Joanna K. Scott - Corporate Secretary & Vice President, Corporate Services
121A - 31 Southridge Drive
Okotoks, Alberta, Canada T1S 2N3
This news release may contain forward-looking statements that are subject to risk factors associated with the oil and natural gas business and the overall economy. Mullen Group believes that the expectations reflected in this news release are reasonable, but results may be affected by a variety of variables. The forward-looking information contained herein is made as of the date of this news release and Mullen Group disclaims any intent or obligation to update publicly any such forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable Canadian securities laws. Mullen Group relies on litigation protection for "forward-looking" statements.
SOURCE Mullen Group Ltd.
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