Kirkland Lake Gold Ltd (TSX: KL) has provided an update regarding its share repurchase plan, and has announced it will double the quarterly dividend which is to be paid out on April 30, 2020.
Thus far, Kirkland Lake has been successful in repurchasing 10.1 million common shares for a total price of $350 million USD via its existing NCIB program. Given the momentum of the program, the company anticipates to meet its target of repurchasing 20 million shares over the duration of 1 to 2 years.
The company also announced it will increase the quarterly dividend payment from $0.06 USD per common share to $0.125 USD per common share. The quarterly dividends will be paid out to shareholders on April 30, 2020, and are entitled for the “eligible dividend” classification for income tax purposes.
Kirkland Lake Gold Ltd is a gold mining company, focusing on operations in Australia and Canada, and is currently trading at $36.66 on the TSX.
Information for this briefing was found via Sedar and Kirkland Lake Gold Ltd. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.