Hammond Power Solutions Announces Exciting Dividend Updates
Overview of Recent Dividend Declaration
Hammond Power Solutions Inc. (TSX: HPS) has recently taken a notable step for its shareholders by declaring a quarterly cash dividend of $0.275 per Class A Subordinate Voting Share and $0.275 per Class B Common Share. This dividend is set to be paid to shareholders recorded as of the closing business day before the payment date, ensuring that they receive their well-deserved return on investment.
Critical Tax Information for Shareholders
For Canadian resident shareholders, it's essential to note that the entire dividend amount has been designated as an "eligible dividend" according to the Income Tax Act (Canada). This designation carries specific tax implications, and shareholders are encouraged to consult their tax advisors for guidance on how this might affect their personal financial situations.
Understanding Forward-Looking Statements
While the dividend declaration is promising, it's important to approach any forward-looking statements issued by Hammond Power Solutions with caution. These statements involve risks and uncertainties that can lead to future outcomes differing significantly from expectations. Therefore, shareholders must be aware that the timing and amount of any future dividends are ultimately at the discretion of the HPS Board of Directors.
About Hammond Power Solutions Inc.
Hammond Power Solutions Inc. (HPS) is a leader in the electrification sector, known for its innovative dry-type transformers, power quality products, and related magnetic solutions. The company supplies a wide array of electrical distribution networks with products designed for a multitude of applications. With manufacturing facilities located in Canada, the United States, Mexico, and India, HPS meets the global market demand through a strong commitment to quality and customer service. The company’s operations underscore its mission of enhancing electrical performance and safety through reliable product offerings.
Future Outlook and Commitment to Shareholders
As Hammond Power Solutions continues to grow, the emphasis on delivering value to its shareholders remains paramount. The company is well-positioned, not only due to its diverse product range but also because of its established global presence. The commitment to nurturing shareholder relationships through initiatives such as dividend declarations underscores the company's dedication to enhancing long-term value.
Contact Information
For individuals or stakeholders wanting more information about the company and its operations, Hammond Power Solutions encourages inquiries. Interested parties can reach out to David Feick in Investor Relations via the following contact details:
David Feick
Investor Relations
(519) 822-2441 x453
ir@hammondpowersolutions.com
Frequently Asked Questions
What is the amount of the declared dividend by HPS?
The declared quarterly cash dividend is $0.275 per share for both Class A and Class B shares.
What does eligible dividend mean for Canadian shareholders?
An eligible dividend is a designation for dividend income that qualifies for a lower tax rate under Canadian tax legislation.
When will the dividend be paid to shareholders?
The dividend will be payable to shareholders on the payment date, following the record date.
Can future dividends be guaranteed?
No, the Board of Directors holds the discretion to determine future dividends, and there's no assurance they will continue.
How can I reach Hammond Power Solutions for inquiries?
You can contact David Feick in Investor Relations at (519) 822-2441 x453 or via email at ir@hammondpowersolutions.com.
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