CONSTELLATION SOFTWARE INC. ANNOUNCES COMMENCEMENT OF
QUARTERLY DIVIDEND AND CONCLUSION OF STRATEGIC REVIEW
Toronto, Ontario, Canada (January 3, 2012) - Constellation
Software Inc. (TSX:CSU) ("Constellation" or the "Company")
today announced that its Board of Directors has adopted a
policy to pay a regular quarterly dividend in such amount as
Constellation's Board of Directors may from time to time
determine. As a result, Constellation also announced today
that its Board of Directors has declared an initial quarterly
cash dividend of US$1.00 per share payable on April 2, 2012
to all common shareholders and class A non-voting
shareholders of record at the close of business on March 12,
2012. Constellation intends to declare a regular quarterly
dividend to allow shareholders of the Company to participate
in its free cash flow, while retaining sufficient capital to
invest in acquisitions and organic growth.
The dividend represents an estimate of distributable free
cash flow in excess of the Company's historical rate of
investment in acquisitions. In addition to its free cash
flow, the Company also has a US$160 million revolving credit
facility in place which is available to fund future
acquisitions, working capital and other general corporate
purposes. The declaration of future dividends will remain
subject to the discretion of the Board of Directors, the
terms of Constellation's revolving credit facility and
applicable law.
The Board of Directors also announced today that it has
concluded its review of strategic alternatives that commenced
on April 4, 2011.
Forward Looking Statements
Certain statements herein may be "forward looking" statements
that involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or
achievements of Constellation or the industry to be
materially different from any future results, performance or
achievements
expressed or implied by such forward looking statements.
Forward looking statements involve significant risks and
uncertainties, should not be read as guarantees of future
performance or results, and will not
necessarily be accurate indications of whether or not such
results will be achieved. A number of factors could cause
actual results to vary significantly from the results
discussed in the forward looking statements. These
forward looking statements reflect current assumptions and
expectations regarding future events and operating
performance and are made as of the date hereof and
Constellation assumes no obligation, except as required by
law, to update any forward looking statements to reflect new
events or circumstances.
About Constellation
Constellation's common shares are listed on the Toronto Stock
Exchange under the symbol "CSU".
Constellation Software is an international provider of market
leading software and services to a number of industries
across both the public and private sectors. The Company
acquires, manages and builds vertical market software
businesses that provide mission-critical software solutions
to address the specific needs of its customers in those
industries.
For further information, contact:
John Billowits, Chief Financial Officer, Constellation
Software Inc.
Tel: (416) 861-2279 info@csisoftware.com
www.csisoftware.com
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January 3, 2012 — CONSTELLATION SOFTWARE INC. ANNOUNCES COMMENCEMENT OF QUARTERLY DIVIDEND AND CONCLUSION OF STRATEGIC REVIEW |