Imperial Equities Suspends Dividends
EDMONTON, AB, Aug. 13, 2020 /CNW/ - Imperial Equities Inc. today announced it has suspended its dividends for the Third and Fourth Quarters of 2020.
"This was a difficult decision for our Board of Directors," said Sine Chadi, CEO of Imperial Equities. "When we brought back dividends in Q1 2020, we saw it as a long-term move and appropriate recognition for those shareholders who have invested in our Company. However, as we manage through the impacts of COVID-19 in particular, and we consider our risk strategies in the face of future uncertainty, it is prudent to ensure we have sufficient cash flows to meet all of our corporate obligations, and to retain some reserve given ongoing uncertainties."
The Company has managed through the pandemic period making short-term adaptations to leases and to cash flow management, thereby ensuring an ongoing ability to meet all financing obligations and to fund future investment opportunities.
"I am confident that this will be a short-term decision, and that we will be able to resume dividend payments in the near future," Mr. Chadi added. The Board of Directors will continue to evaluate the Company's position with respect to dividends.
About Imperial Equities Inc.:
Based in Edmonton, Alberta, Imperial Equities Inc. is a publicly traded company anchored by industrial, agricultural and commercial real estate properties in its targeted markets throughout Western Canada. Additional information is available at: www.imperialequities.com. Imperial's common shares are listed on the TSX Venture Exchange under symbol IEI.
Neither TSX Venture nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE Imperial Equities Inc.
Company Codes: TorontoVE:IEI
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