Dividend is set for March 15
Dominion Lending Centres (DLCG) has declared a quarterly cash dividend of $0.03 per Class “A” common share.
The mortgage broker network announced Friday that the dividend is set for payment on March 15 to shareholders who are on record as of March 1.
The dividend has also been classified as an “eligible dividend” for the purposes of Canadian income tax, according to DLCG’s release.
DLCG stands as Canada’s largest franchise-based network comprising over 8,000 agents spread across more than 520 locations. It operates through its Dominion Lending Centres (DLC) brand, as well the subsidiaries Mortgage Centre Canada (MCC), Mortgage Architects (MA), and Newton Connectivity Systems.
In December, DLCG named Eddy Cocciollo as the company’s president. Cocciollo previously shared the presidency role with James Bell, who has now been appointed executive vice president, corporate and chief legal officer.
“Having a single president for the DLCG Group is important both internally and externally as it provides clarity as to our leadership and decision-making structure,” said DLCG chief executive officer and chairman Gary Mauris in a statement about the leadership changes. “James was a leading proponent of this change as he – like me – believes Eddy is the right person for the job and he felt this was an important final step away from the legacy business that was Founders Advantage.”
The company announced revenue of $19.6 million for the third quarter of 2023, along with an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of $10.1 million.
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