Terra Nova Announces Cash Dividend, Annual Dividend Policy
NEW YORK, Jan. 10, 2011 /PRNewswire/ — Terra Nova Royalty Corporation (NYSE: TTT) (“Terra Nova” or the “Company”) is pleased to announce it has declared an annual cash dividend and established an annual dividend policy as follows:
- The annual dividend will be based on the annual dividend yield of the New York Stock Exchange Composite Index (the “NYSE Composite Index”) for the preceding year plus 25 basis points. For 2011, the board of directors of Terra Nova has declared an aggregate cash dividend of $0.20 per common share, representing a dividend yield of 2.58 percent.
- The 2011 annual cash dividend will be paid in quarterly installments by the Company. The first payment of $0.05 per common share will be paid on January 31, 2011 to shareholders of record on January 20, 2011. The remaining quarterly dividend payments will be made in each of March, June and September, 2011.
- This 2011 dividend will be a return of capital and no tax will be withheld.
- In the future, Terra Nova will announce and declare the cash dividend during the first full week of each year.
- For the first payment of 2011, the common shares of Terra Nova will trade ex-dividend on January 18, 2011.
Michael Smith, Terra Nova’s Chairman, commented: “We are pleased with this policy. It is fiscally responsible in regard to taxation and is based on a small premium to the dividend yield of the NYSE Composite Index, which is our benchmark.”
The declaration and payment of dividends in the future will depend on the Company’s financial results.
About Terra Nova Royalty Corporation
Terra Nova Royalty Corporation is active in a broad spectrum of activities related to the integrated combination of natural resources, including royalty, trading, financing and proprietary investing. To obtain further information on the Company, please visit our website at: http://www.terranovaroyalty.com.
Disclaimer for Forward-Looking Information
This document contains statements which are, or may be deemed to be, “forward-looking statements” which are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as “plans”, “expects” or “does not expect”, “is expected”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results, performance or achievements of the Company to differ materially from the expectations of the Company include, among other things, general business and economic conditions globally, commodity price volatility, industry trends, competition, changes in government and other regulation, including in relation to the environment, health and safety and taxation, labor relations and work stoppages, changes in political and economic stability, the failure to meet certain conditions of the offer and/or the failure to obtain the required approvals or clearances from regulatory and other agencies and bodies on a timely basis or at all, the inability to successfully integrate the operations and programs of businesses and/or companies acquired with those of the Company, incurring and/or experiencing unanticipated costs and/or delays or difficulties relating to integration of acquired businesses, disruptions in business operations due to reorganization activities and interest rate and currency fluctuations. Such forward-looking statements should therefore be construed in light of such factors. Other than in accordance with its legal or regulatory obligations, the Company is not under any obligation and the Company expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additional information about these and other assumptions, risks and uncertainties are set out in our MD&A for the nine months ended September 30, 2010 filed with Canadian securities regulators and filed on Form 6-K with the SEC and our Form 20-F for the year ended December 31, 2009.
Corporate Investors Media (Only) Allen & Caron Terra Nova Royalty Corp Allen & Caron Inc. Inc. Rene Randall Joseph Allen Len Hall 1 (604) 683-8286 ex 224 1 (212) 691-8087 1 (949) 474-4300 email@example.com firstname.lastname@example.org email@example.com
SOURCE Terra Nova Royalty Corporation