Stock Name: HWO
Amount: CAD 0.12
Announcement Date: 17/05/2012
Record Date: 29/05/2012
Dividend Detail:
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES.�� ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY
CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW/
RED DEER, AB, May 17, 2012 /CNW/ - High Arctic Energy Services Inc.
(TSX: HWO) ("High Arctic" or the "Corporation") is pleased to announce
that its Board of Directors has approved the implementation of a
dividend policy that provides for the payment of a monthly dividend.��
The Board of Directors has declared the Corporation's first monthly
dividend at a rate of $0.01 per share, payable on June 14, 2012, to
holders of High Arctic common shares of record at the close of business
on May 31, 2012. This equates to an annual dividend of 12 cents per
share.�� The ex-dividend date is May 29, 2012.�� The dividend is
designated as an "eligible dividend" for Canadian Income Tax purposes.
"High Arctic has generated consecutive cash flow growth in each of the
last four quarters resulting in a trailing twelve month Adjusted EBITDA
of $37.2 million as at March 31, 2012.�� A monthly dividend allows our
shareholders to enjoy the benefit of our success," said Bruce Thiessen,
CEO of High Arctic. "With a strong cash position and solid cash
generating capabilities, we believe we can both pay a monthly dividend
and continue to capitalize on additional growth opportunities to
enhance shareholder value."
High Arctic expects the record date for any future monthly dividends to
be on or about the third last business day of the month with the
payment date to be on or about the 14th day of the following month.
The amount of future cash dividends, if any, will be subject to the
discretion of the Board of Directors of High Arctic and may vary
depending on a variety of factors, including fluctuations in earnings,
working capital and capital expenditure requirements, debt service
requirements, foreign exchange rates, the satisfaction of solvency
tests imposed by the Business Corporations Act (Alberta) for the
declaration and payment of dividends, and other conditions existing
from time to time.
Forward-Looking Statements
This news release may contain forward-looking statements relating to
expected future events and financial and operating results of the
Corporation that involve risks and uncertainties.�� Actual results may
differ materially from management expectations, as projected in such
forward-looking statements for a variety of reasons, including market
and general economic conditions and the risks and uncertainties
detailed in both the Corporation's Management Discussion and Analysis
for the year ended December 31, 2011 and in the Annual Information Form
for the year ended December 31, 2011 found on SEDAR (www.sedar.com).��
Due to the potential impact of these factors, the Corporation disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, unless required by applicable law.
About High Arctic
The Corporation is a global provider of specialized oilfield equipment
and services, including drilling, completion and workover operations.��
Based in Red Deer, Alberta, High Arctic has domestic operations
throughout western Canada and international operations in Papua New
Guinea.
For further information:
Robert Morin
Chief Financial Officer
403 340 9825
robert.morin@haes.ca
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