TORONTO, Sept. 4, 2013 /CNW/ - Gluskin Sheff + Associates Inc. (the "Company") declared its regular quarterly dividend of $0.1750, for the quarter ended June 30, 2013, per common share payable on September 23, 2013, to shareholders of record at the close of business on September 13, 2013.
The Company also announced today a special dividend of $1.40 per common share payable on September 23, 2013 to shareholders of record on September 13, 2013. The special dividend relates both to Performance Fees earned during the six months ended June 30, 2013, net of related bonus expense and income tax, and to a distribution of excess cash over and above what is considered necessary to meet known commitments and maintain adequate reserves.
The Company also announced that its regular quarterly dividend would be increased to $0.20 ( $0.80 on an annual basis) from the current quarterly dividend of $0.1750 ( $0.70 annually) per common share commencing with the declaration of the first quarter dividend for fiscal 2014.
"We are pleased to declare our ninth special dividend and announce the seventh consecutive increase in our regular dividend since becoming a public company," commented Jeremy Freedman, Chief Executive Officer. "Our results and our balance sheet demonstrate that we have maintained a strong financial position through what continues to be a challenging time for the financial industry and has given us confidence to increase dividends as part of our commitment to shareholders."Founded in 1984, Gluskin Sheff + Associates Inc. is one of Canada's pre-eminent wealth management firms serving high net worth private clients and institutional investors. Gluskin Sheff offers equity and fixed income investment portfolios in addition to being one of the largest managers of alternative investments in Canada. The Company's Subordinate Voting Shares are listed on the Toronto Stock Exchange under the symbol " GS". For more information about the Company, please visit our website at www.gluskinsheff.com. SOURCE Gluskin Sheff + Associates Inc.