Hammond Power Solutions Announces Latest Quarterly Dividend Update
Hammond Power Solutions Declares Quarterly Dividend
GUELPH, Ontario — The Board of Directors of Hammond Power Solutions Inc. (TSX: HPS.A) has officially declared a quarterly cash dividend amounting to twenty-seven and a half cents ($0.275) per Class A Subordinate Voting Share, as well as for each Class B Common Share of the company. This commendable dividend is payable on a specified date to shareholders who hold their shares by the close of business preceding that date.
Understanding the Dividend Details
The upcoming dividend is to be paid on a predetermined date, with the last date to acquire shares to be eligible for this dividend quickly approaching. Shareholders should note that these dividends represent a consistent and reliable source of income, showcasing the company's commitment to returning value to its investors.
Tax Information for Shareholders
Hammond Power Solutions informs shareholders, particularly Canadian residents, that the entire amount designated for this dividend is categorized as an “eligible dividend” under the Income Tax Act (Canada). This classification carries benefits under specific tax laws, and shareholders are encouraged to consult with their tax advisors for personalized advice tailored to their financial situations.
What Does This Mean for Shareholders?
Receiving this eligible dividend is advantageous for shareholders as it may result in a lower tax rate compared to regular dividends. Understanding this designation is crucial for shareholders aiming to maximize their investment returns and manage tax obligations efficiently.
A Glimpse at Hammond Power Solutions Inc.
Hammond Power Solutions Inc. stands out as a pivotal entity in the electrification sector, offering a comprehensive suite of dry-type transformers and power quality products. Their products play a crucial role across various electrical distribution networks, ensuring reliability and efficiency in numerous applications. HPS has established manufacturing plants strategically located in Canada, the U.S., Mexico, and India, which allows them to serve a diverse global market effectively.
The Future of Power Solutions
As the demand for efficient power solutions continues to grow, Hammond Power Solutions is well-positioned to lead in innovation and product development. Their commitment to enhancing electrical distribution systems aligns with global trends focusing on sustainability and energy efficiency, indicating that HPS remains a formidable player in the industry.
Company Contact Information
For any inquiries or further information regarding the dividends or operations of Hammond Power Solutions, interested parties may reach out directly to:
David Feick
Investor Relations
(519) 822-2441
ir@hammondpowersolutions.com
Frequently Asked Questions
What dividend amount has Hammond Power Solutions declared?
The company has declared a dividend of twenty-seven and a half cents ($0.275) per share of both Class A and Class B stocks.
When will the dividend be paid out to shareholders?
The dividend is scheduled to be paid on a designated date to shareholders who are on record as of the close of business on a specified date.
What is an eligible dividend?
An eligible dividend is a dividend that qualifies for a lower tax rate under the Income Tax Act (Canada) for Canadian residents.
How is Hammond Power Solutions positioned in the market?
The company is strategically positioned with manufacturing plants across Canada, the U.S., Mexico, and India, serving a global customer base with innovative power solutions.
Who should shareholders contact for more information?
Shareholders can contact David Feick in Investor Relations for further details about dividends or any other inquiries related to the company.
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