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TORONTO, March 03, 2023 (GLOBE NEWSWIRE) — Automotive Finco Corp. (NEX: AFCC-H) (the “Company”) announces a change to the frequency of its dividend distributions from monthly to semi-annually to align with expected cash flow from its current loan investment of $21 mm, announced on November 18, 2022. Accordingly the monthly cash dividend of $0.0171 / common share has been suspended effective March 1, 2023. The Company intends to pay semi-annual dividends to be paid at the end of June and December at the same effective rate of $0.205 / common share per annum for the near term.
The declaration, amount and payment of future cash dividends are subject to the board of directors’ continuing determination that the payment of dividends are in the best interests of the Company, its shareholders and are in compliance with all laws and agreements of the Company applicable to the declaration and payment of cash dividends.
About Automotive Finco Corp.
Automotive Finco Corp. is a finance company focused exclusively on the auto retail sector. In addition to its interest in Automotive Finance Limited Partnership, the Company may also pursue other direct investments and financing opportunities across the auto retail sector.
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