Press release from CNW Group
SiriusXM Canada Announces 27% Increase to the Quarterly Dividend to $0.1050
Wednesday, July 10, 2013
SiriusXM Canada Announces 27% Increase to the Quarterly Dividend to $0.105016:00 EDT Wednesday, July 10, 2013
TORONTO, July 10, 2013 /CNW/ - Sirius XM Canada Holdings Inc. ("SiriusXM Canada" or the "Company") (TSX: XSR), parent of Sirius XM Canada Inc., today announced that the Company's Board of Directors has approved an increase of the Company's quarterly cash dividend from C$0.0825 per Class A Share and C$0.0275 per Class B Share to C$0.1050 per Class A Share and C$0.0350 per Class B Share, and declared a cash dividend payment of C$0.1050 per Class A Share and C$0.0350 per Class B Share. The dividend will be payable on August 22, 2013 to shareholders of record at the close of business on July 22, 2013.
"The Board's decision to increase the dividend by 27% demonstrates its conviction in the Company's ability to grow revenues, profitability and free cash flow," said Michael Washinushi, CFO, SiriusXM Canada.
The quarterly dividend on the Class A and Class B Shares are designated as an "eligible" dividend for the purposes of the Income Tax Act (Canada) and any similar provincial legislation.
Class B Shares in the Company are convertible at any time at the holder's option into fully paid and non-assessable Class A Shares upon the basis of one Class A Share for three Class B Shares. The Company has issued 147,879,936 Class B Shares, which represent 49,293,312 Class A Shares based on the aforementioned conversion right. In the event that all Class B Shares are converted to Class A Shares, the total outstanding number of Class A Shares would be 123,680,731.
About SiriusXM Canada
Sirius XM Canada Holdings Inc. (TSX: XSR) operates as SiriusXM Canada. SiriusXM Canada, with over 2.3 million subscribers, is the country's leading audio entertainment company and broadcasts more than 120 satellite radio channels featuring premier sports, news, talk, entertainment and commercial-free music. SiriusXM Canada offers an array of content from the most recognized news and entertainment brands as well as every major sport including the NHL, NFL, MLB and CFL.
SiriusXM programming is available on a variety of devices including pre-installed and after-market radios in cars, trucks and boats, smartphones and mobile devices, and consumer electronics products for homes and offices. SiriusXM programming is also available online at www.siriusxm.ca and on Apple, BlackBerry and Android-powered mobile devices.
SiriusXM Canada has partnerships with every major automaker and its radio products are available at more than 3,000 retail locations nationwide. To find out more about SiriusXM Canada (TSX: XSR), visit our website at www.siriusxm.ca.
Join SiriusXM Canada on Facebook at facebook.com/siriusxmcanada, on Twitter at twitter.com/siriusxmcanada and on Youtube at youtube.com/siriusxmcanada.
SOURCE: Sirius XM Canada Holdings Inc.
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