The declaration and payment of quarterly dividends are made at the discretion of the Board of Directors. Dividends will normally be paid on Cara common stock on April 15, June 15, September 15 and December 15 (or the first business day thereafter, if the specified payment date falls on a weekend or holiday).
On May 5, 2016, the Company suspended the Dividend Reinvestment Plan which provided holders of Subordinate Voting Shares of Cara and Multiple Voting Shares of Cara, to acquire additional Subordinate Voting Shares by reinvesting all of their cash dividends at a purchase price discount of 3%.
The Company will continue to review its Dividend Policy on a quarterly basis and may reinstate the Dividend Reinvestment Plan in the future.
Dividend Reinvestment Plan
Cara offers a Dividend Reinvestment Plan (DRIP) to any registered or beneficial holder of Shares who is a resident of Canada. The Dividend Reinvestment Plan enables holders of Subordinate Voting Shares (SVS) of Cara and Multiple Voting Shares of Cara, to acquire additional Subordinate Voting Shares by reinvesting all of their cash dividends, which, when issued from Treasury, will be issued at a discount from the market price of the shares. The purchase price discount has initially been set at 3%.
A registered shareholder may enroll in the Plan by duly completing the enrollment form and returning it to Computershare, the Administrator. A completed enrollment form must be received by the Administrator no later than five business days prior to the applicable record date for any cash dividend (which will usually be the last day prior to the month in which the dividend is payable) in order for that dividend to be reinvested under the Plan.
To obtain an Enrolment Form, contact Computershare at 1-800-564-6253.
Beneficial holders (persons who use a broker or other intermediary to hold their shares) may also participate in the Plan by (i) directing his or her broker to electronically transfer all or any number of whole Shares into his or her name and then enrolling such Shares in the Plan or (ii) making appropriate arrangements with the broker, investment dealer, financial institution or other nominee who holds the participant’s Shares to enroll in the Plan on the participant’s behalf.
For additional information on the Dividend Reinvestment Plan, please refer to the complete DRIP document below.