Computer Modelling Group Announces Reduced Quarterly Dividend
27 Mai 2020 - 10:15PM
The Board of Directors of Computer Modelling Group Ltd. ("CMG" or
the “Company”) has approved a dividend of $0.05 per Common Share,
payable on June 15, 2020 to shareholders of record at the close of
business on June 5, 2020. This represents a decrease from the
Company’s previous quarterly dividend of $0.10 per share. The cash
retained from the dividend reduction will provide financial
flexibility to the Company in the current volatile market
environment brought about by the COVID-19 pandemic and deteriorated
commodity pricing. We believe this is a prudent part of managing
our liquidity, and supports our objectives of maintaining a strong
balance sheet and delivering a sustainable dividend. We will
continue to monitor the market conditions and adjust our strategies
accordingly in order to preserve long-term value for our
shareholders.
The Board of Directors will evaluate the
dividend payments on a quarterly basis, based upon cash flow
generation and prevailing market conditions.
Computer Modelling Group Ltd. is a computer
software technology and consulting company serving the oil and gas
industry. CMG, recognized by oil and gas companies worldwide as a
leading developer of reservoir modelling software, has sales and
technical support services based in Calgary, Houston, London,
Dubai, Bogota, and Kuala Lumpur. CMG is the leading supplier of
advanced processes reservoir modelling software in the world with a
blue chip client base of international oil companies and technology
centers in approximately 60 countries. The Company's shares are
listed on the Toronto Stock Exchange under the trading symbol
"CMG."
All dividends paid by Computer Modelling Group
Ltd. to holders of Common Shares in the capital of Computer
Modelling Group Ltd. will be treated as eligible dividends within
the meaning of such term in section 89(1) of the Income Tax Act
(Canada), unless otherwise indicated.
For further information, please contact:
Ryan N. SchneiderPresident & CEO(403)
531-1300ryan.schneider@cmgl.ca
or
Sandra BalicVice President, Finance &
CFO(403) 531-1300sandra.balic@cmgl.ca
www.cmgl.ca
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