OKOTOKS, AB, May 3, 2022 /PRNewswire/ - (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.
About Mullen Group Ltd.
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.
Contact Information
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
Telephone: 403-995-5200
Fax: 403-995-5296
Disclaimer
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.
View original
content:https://www.prnewswire.com/news-releases/mullen-group-ltdannounces-20-0-percent-increase-to-dividend-301538839.html
SOURCE Mullen Group Ltd.