MONCTON, NB, Dec. 2 /CNW Telbec/ -- Imvescor Restaurant Group ("IRG" or the "Company") (TSX: IRG) (formerly PDM Royalties Income Fund ("PDM")) announced today that its board of directors (the "Board") has declared a quarterly dividend of $0.075 per share, payable on February 28, 2010, to shareholders of record on February 15, 2010.
The Board of Directors of IRG considered a cash management and dividend policy at its meeting held on December 2, 2009. The dividend policy provides for quarterly dividends to be paid on the last day of February, May, August and November each year.
"The Board of Directors wanted to provide some certainty to shareholders that IRG will pay regular dividends on a quarterly basis. Our cash management policy enables the Company to address debt reduction and balance sheet improvement initiatives while providing a level of current income to shareholders in order to maximize long-term shareholder value," said Ron Magruder, President and Chief Executive Officer of IRG. "Each quarter, the Board will review the Company's available cash and financial resources and set dividend levels accordingly. While the Board reserves the right to change the level of the dividend should circumstances warrant a change, it believes that the dividend of $0.075 per share announced today, is sustainable on a quarterly basis given current economic conditions and IRG's other obligations."
About Imvescor Restaurant Group
Headquartered in Moncton, New Brunswick, Imvescor Restaurant Group owns franchised and corporate stores throughout Canada, under four brands: Pizza Delight(R) operates primarily in Atlantic Canada, where it dominates the family/mid-scale segment. Mikes(R) and Scores(R) restaurants operate primarily in Quebec in the family and casual dining segments and the take-out and delivery segments. Baton Rouge(R) operates in the Province of Quebec and Ontario in the casual dining segment.
Certain information regarding Imvescor Restaurant Group contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond the Company's control, and that future events and results may vary substantially from what the Company currently foresees. The Company assumes no obligation to update such forward-looking statements, except as required by applicable securities laws. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.