TORONTO, Feb. 6, 2024
/CNW/ - Propel Holdings Inc. ("Propel" or the
"Company") (TSX: PRL), the fintech facilitating access to
credit for underserved consumers, announced today that its Board of
Directors has approved an increase to its dividend from
C$0.42 to C$0.48 per common share on an annualized basis,
effective Q1 2024. This dividend represents an increase of 14% and
the Company's third dividend increase since its IPO in 2021. The
board also declared a dividend of C$0.12 per common share, payable on March 5, 2024 to shareholders of record as of the
close of business on February 13,
2024.
"Based on our strong credit performance, confidence in our
profitable growth prospects as well as our solid financial
position, we have made the decision to increase our dividend,"
Clive Kinross, CEO.
Propel has designated this dividend as an eligible dividend
within the meaning of the Income Tax Act (Canada).
About Propel
Propel Holdings (TSX: PRL) is the fintech
company building a new world of financial opportunity for
consumers, partners, and investors. Propel's operating brands —
Fora Credit, CreditFresh and MoneyKey — and our
Lending-as-a-Service product line facilitate access to credit for
consumers underserved by traditional financial institutions.
Through its groundbreaking AI-driven platform, Propel evaluates
customers in a more comprehensive way than traditional credit
scores can. The result is better products and an expanded credit
market for consumers while creating sustainable, profitable growth
for Propel. Our revolutionary fintech platform has already
helped consumers access over one million loans and lines of credit
and over one billion dollars in
credit. At Propel, we are here to change the way customers,
partners and investors succeed together. Learn more at
propelholdings.com
Forward-Looking Information
Certain statements made
in this press release may constitute forward-looking information
under applicable securities laws. These statements may relate to
our sustainable, profitable growth prospects, the amount and timing
of our dividend and our ability to profitably grow our
business and facilitate access to credit to more and more
underserved consumers. As the context requires, this may include
certain targets as disclosed in the prospectus for our initial
public offering, which are based on the factors and assumptions,
and subject to the risks, as set out therein and herein. Often but
not always, forward-looking statements can be identified by the use
of forward-looking terminology such as "may", "will", "expect",
"believe", "estimate", "plan", "could", "should", "would",
"outlook", "forecast", "anticipate", "foresee", "continue" or the
negative of these terms or variations of them or similar
terminology.
Many factors could cause our actual results, level of activity,
performance or achievements or future events or developments to
differ materially from those expressed or implied by the
forward-looking statements, including, without limitation, the
factors discussed in the "Risk Factors" section of the Company's
annual information form dated March 22,
2023 for the year ended December 31,
2022 (the "AIF"). A copy of the AIF and the Company's
other publicly filed documents can be accessed under the Company's
profile on SEDAR+ at www.sedarplus.ca.
The Company cautions that the list of risk factors and
uncertainties described in the AIF is not exhaustive and other
factors could also adversely affect its results. Readers are urged
to consider the risks, uncertainties and assumptions carefully in
evaluating the forward-looking information and are cautioned not to
place undue reliance on such information. The forward-looking
information contained in this press release represents our
expectations as of the date of this press release (or as the date
they are otherwise stated to be made), and are subject to change
after such date. However, we disclaim any intention or obligation
or undertaking to update or revise any forward-looking information
whether as a result of new information, future events or otherwise,
except as required under applicable securities laws.
SOURCE Propel Holdings Inc.