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The Board of Directors review dividend distribution from time to time, giving consideration to current financial performance, historical and future trends in the business, the expected sustainability of those trends as well as required long-term debt repayments, maintenance capital expenditures required to sustain performance.
Based on the reductions in commodity prices and the resulting decline in industry activity levels in 2015 and 2016 and uncertainties around future expected activity levels, the Board of Directors made the decision to suspend the payment of Cathedral’s quarterly dividend in late 2015. The decision to suspend the dividend was made in order to preserve cash, to manage liquidity, invest selectively in capital asset additions and pursue operational initiatives to better position the Company for improved industry conditions.
Eligible Dividend Designation – pursuant to subsection 89(14) of the Income Tax Act of Canada (ITA) each dividend paid by Cathedral Energy Services Ltd. qualifies as an eligible dividend for Canadian Income.
For our history of dividend/distribution payments,click here.