Black Diamond Group Limited Reinstates Dividend
CALGARY, Alberta, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Black Diamond Group Limited (“Black Diamond” or the "Company”) (TSX: BDI), a leading provider of space rental and workforce accommodation solutions, today announced that the Company’s Board of Directors has approved the reinstatement of a quarterly dividend of $0.0125 per share, or $0.05 per share on an annualized basis.
The Company has declared a special dividend in the amount of $0.0125 per share, to be paid on or about November 30, 2021 to shareholders of record on November 15, 2021. The Company has also declared a fourth quarter dividend of $0.0125, payable on or about January 14, 2022 to shareholders of record on December 31, 2021. Each of these dividends is an “eligible dividend” for Canadian income tax purposes.
“Over the last several years we have worked to scale and diversify our platform,” said Trevor Haynes, CEO of Black Diamond. “We are excited that the successful result of these strategies includes the restart of the dividend. Management is confident in the underlying health of our business which is underpinned by the ongoing growth of our core recurring rental revenue. Our capital allocation strategies will continue to prioritize investment towards organic, and where attractive, inorganic growth, given the strong returns we expect can be generated within our core businesses and markets. We expect this growth and additional scale to allow the Company to increase the dividend over time.”
About Black Diamond
Black Diamond is a specialty rentals and industrial services Company with two operating business units - Modular Space Solutions (MSS) and Workforce Solutions (WFS). We operate in Canada, the United States, and Australia. MSS through its principal brands, BOXX Modular, Britco, MPA, Schiavi, and Vanguard, owns a large rental fleet of modular buildings of various types and sizes. Its network of local branches rent, sell, service, and provide ancillary products and services to a diverse customer base in the construction, industrial, education, financial, and government sectors. WFS through its principal brands, Black Diamond Camps and Black Diamond Energy Services, owns a large rental fleet of modular accommodation assets of all types and sizes and a fleet of liquid and solid containment assets. Its regional operating terminals rent, sell, service, and provide ancillary products and services including turn-key operated camps to a wide array of customers in the resource, infrastructure, construction, disaster recovery, and education sectors. The WFS business unit also includes the Company’s wholly owned subsidiary, LodgeLink, which operates a digital marketplace for business-to-business crew accommodation, travel, and logistics in North America.
Learn more at www.blackdiamondgroup.com.
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Certain information set forth in this news release contains forward-looking statements including, but not limited to, the frequency and amount of the Company’s dividend, the potential increase of the dividend over time, the capital allocation strategy of the Company, the potential growth of the Company and management's assessment of Black Diamond's future operations. With respect to the forward-looking statements in the news release, Black Diamond has made assumptions regarding, among other things: future commodity prices, that Black Diamond will continue to conduct its operations in a manner consistent with past operations, that counterparties to contracts will perform the contracts as written and that there will be no unforeseen material delays in contracted projects. Although Black Diamond believes that the expectations reflected in the forward-looking statements contained in this news release, and the assumptions on which such forward-looking statements are made are reasonable, there can be no assurances that such expectations or assumptions will prove to be correct. Readers are cautioned that assumptions used in the preparation of such statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of Black Diamond. These risks include, but are not limited to: the impact of general economic conditions, industry conditions, fluctuation of commodity prices, the impact of the COVID-19 pandemic, the Company's ability to attract new customers, failure of counterparties to perform on contracts, industry competition, availability of qualified personnel and management, timely and cost effective access to sufficient capital from internal and external sources, political conditions, dependence on suppliers and stock market volatility. The risks outlined above should not be construed as exhaustive. Additional information on these and other factors that could affect Black Diamond's operations and financial results are included in Black Diamond's annual information form for the year ended December 31, 2020 and other reports on file with the Canadian Securities Regulatory Authorities which can be accessed on SEDAR. Readers are cautioned not to place undue reliance on these forward-looking statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Black Diamond does not undertake any obligation to update or revise any of the forward-looking statements, except as may be required by applicable securities laws.