LGT.A Logistec Corporation

MONTRÉAL, Dec. 7, 2023 /CNW/ - The Board of Directors of LOGISTEC Corporation (TSX: LGT.A) (TSX: LGT.B) announced today that it has declared quarterly dividends of $0.11782 per share on all outstanding Class A Common Shares and $0.12959 per share on all outstanding Class B Subordinate Voting Shares.

The dividends will be paid on January 17, 2024 to all LOGISTEC Corporation shareholders of record at the close of business on January 3, 2024. This dividend is an eligible dividend for Canada Revenue Agency purposes.

Dividends paid during 2023 totalled $0.47 per Class A Common Share and $0.52 per Class B Subordinate Voting Share.

The dividends were declared in accordance with the terms of the arrangement agreement dated October 15, 2023 between the Corporation and 1443373 B.C. Unlimited Liability Company, which allows for the declaration and payment of regular quarterly cash dividends in a manner consistent with the Corporation's past practice. The proposed arrangement remains expected to close in the first quarter of 2024, subject to the satisfaction or waiver of closing conditions. To the extent that the closing of the proposed arrangement occurs after the record date but prior to the payment date of the dividends, shareholders of record at the close of business on January 3, 2024 will remain entitled to be paid such dividends pursuant to the terms of the proposed arrangement.

LOGISTEC Corporation is based in Montréal (QC) and provides specialized services to the marine community and industrial companies in the areas of bulk, break-bulk and container cargo handling in 60 ports and 90 terminals located in North America. LOGISTEC also offers marine transportation services geared primarily to the Arctic coastal trade, as well as marine agency services to shipowners and operators serving the Canadian market.

Furthermore, the Company operates in the environmental industry where it provides services to industrial, municipal and governmental customers for the renewal of underground water mains, dredging, dewatering, contaminated soils and materials management, site remediation, risk assessment, and manufacturing of fluid transportation products.

The Company has been profitable and has paid regular dividends since becoming public and payments have grown steadily over the years. A public company since 1969, LOGISTEC's shares are listed on the Toronto Stock Exchange (TSX) under the ticker symbols LGT.A and LGT.B. For more information can be obtained on the Company's website at www.logistec.com.

This press release contains forward-looking information, within the meaning of applicable securities legislation, relating to the anticipated timing of completion of the proposed arrangement. These forward-looking statements express, as of the date of this press release, the estimates, predictions, projections, expectations, or opinions of the Corporation about future events or results, including the ability of the parties to satisfy, in a timely manner, the conditions to the closing of the proposed arrangement. Although the Corporation believes that the expectations produced by these forward-looking statements are founded on valid and reasonable bases and assumptions, these forward-looking statements are inherently subject to important uncertainties and contingencies, many of which are beyond the Corporation's control, such that the Corporation's performance may differ significantly from the predicted performance expressed or presented in such forward-looking statements. The important risks and uncertainties that may cause the actual results and future events to differ significantly from the expectations currently expressed include the possibility that the proposed arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory, shareholder and Court approvals and other conditions to the closing of the proposed arrangement or for other reasons. The reader of this press release is thus cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to update or revise these forward-looking statements, except as required by law.

SOURCE Logistec Corporation