OKOTOKS, AB, May 3, 2022 /CNW/ - (TSX: MTL) The Board of Directors of Mullen Group Ltd. ("Mullen Group", "We", "Our" and/or the "Corporation") announced today that it has approved an increase to the Corporation's monthly dividend from $0.05 to $0.06 per Common Share. This represents a twenty percent increase from the prior dividend declared on April 19, 2022 and equates to an annualized dividend of $0.72 per Common Share. This increase will be effective as of the next regular dividend payment, which is expected to be payable on June 15, 2022, to shareholders of record on May 31, 2022.
"Today we announce a substantial increase in the monthly dividend, extending the tradition of rewarding long term shareholders with a portion of the free cash our business generates. In fact, since 2000 we have returned over $1.4 billion to investors, a good indication that the strategic initiatives we have implemented produce positive results. The Board's decision to increase the dividend was based upon the current outlook for the economy and our business, along with the view that redirecting a portion of the annual free cash from the approved NCIB program towards an increase in the dividend, would be in the best interests of shareholders at this time," commented Mr. Murray K. Mullen, Chair and CEO.
Mullen Group is one of North America's largest logistics providers. Our network of independently operated businesses provide a wide range of service offerings including less-than-truckload, truckload, warehousing, logistics, transload, oversized, third-party logistics 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 the Corporation's issuer profile on SEDAR at www.sedar.com.
Mr. Murray K. Mullen - Chair, Chief Executive Officer and President
Mr. Richard J. Maloney - Senior Vice President
Mr. Carson P. Urlacher - Senior Accounting Officer
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 overall economy and the oil and natural gas industry. 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.