ViveRE Communities Inc. Declares Quarterly Dividend
HALIFAX, NS, Feb. 22, 2021 /CNW/ - ViveRE Communities Inc. (TSXV: VCOM) ("ViveRE" or the "Company") announces that the board of directors of the Company has approved and declared a dividend of $0.0005 per common share for the quarter ending March 31, 2021, representing $0.002 per share on an annualized basis. The dividend is payable on March 31, 2021 to shareholders of record on March 1, 2021.
"Over the past year we have grown our portfolio of properties from 4 buildings and 119 units to 19 buildings and over 530 units. We closed our first acquisition in Ontario and have positioned the company financially to enable a responsible yield to our shareholders." said Michael Anaka, President and CEO of ViveRE. "This initial dividend is an important milestone as part of our long-term strategy to maximize shareholder value."
This dividend is designated by the Company as an eligible dividend for the purpose of the income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents.
The declaration and payment of dividends is at the discretion of the board of directors of the Company and future declaration of dividends will depend on the Company's financial results, cash requirements and other factors deemed relevant by the board of directors of the Company.
The Company, in accordance with the terms of TSX Venture Exchange ("Exchange") Policy 4.3 Shares for Debt, intends to issue 1,152,636 common shares of the Company at an average price of $0.207 per share to settle outstanding indebtedness owed to an arm's length creditor of the Company in the amount of $238,400. This issuance of common shares for debt is subject to the approval of the TSX Venture Exchange.
About ViveRE Communities Inc.
ViveRE continues to execute its plans to acquire recently built or refurbished, highly leased multi-residential properties in bedroom communities across Canada. The Company aims to satisfy the needs of the newly emerging 55+ resident. The demographic that has changed the world is now changing the way residential rental apartments cater to their requirements. Their desire for community, along with service, quality and convenience has led to the emergence of the 55+ active living segment. Apartments are the next "home", after years of owning they look forward to the carefree lifestyle provided through renting in a community of their peers. ViveRE intends to consolidate this emerging market niche. The Company currently owns 533 units in New Brunswick and Ontario. ViveRE has also developed a robust pipeline of qualified properties for potential acquisition. By screening properties identified to match the criteria set out by the Company (proximity to healthcare, amenities, services and recreation), management has identified a significant pipeline of potential acquisitions for consideration by the Company's Board of Directors.
Forward-looking statements
This news release contains forward-looking statements relating to the future operations of ViveRE and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "aims", "intends", "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of ViveRE Communities Inc, are forward-looking statements that involve risks and uncertainties, and are necessarily based on a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from ViveRE Communities Inc.'s expectations include other risks detailed from time to time in the filings made by ViveRE Communities Inc. with securities regulators.
Forward-looking information in this news release includes expectations relating to: the pipeline for future acquisitions which may be impacted by ViveRE's ability to negotiate suitable terms, due diligence, access to capital and market conditions; operating results which may be impacted by unexpected vacancies and maintenance expenses; availability of capital which may be impacted by capital market and borrowing conditions.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of ViveRE Communities Inc. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and ViveRE Communities Inc. will only update or revise publicly the included forward-looking statements as expressly required by Canadian securities law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE ViveRE Communities Inc.
Michael Anaka, Chief Executive Officer, 902-440-7579
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