First dividend shows Genesis Land Development back on track

For the last few years, Genesis Land Development Corp. (GDC-T) has been a real estate outfit that seemed to produce almost as many storylines and drama as it did homes.

The Calgary-based land developer and residential home builder has gone through a number of senior executives and CEOs, a strategic review of all options including a sale of the company, a shareholder battle and a revolving cast of directors.

Last month, it signalled to investors that it has put all that behind it with the announcement of a $5.4-million special dividend, the first such payout to shareholders in its history.

While Genesis chairman Stephen J. Griggs described the 12-cent a share dividend as “an appropriate way to begin to reward shareholders,” company CEO Bruce Rudichuk said it reflects a stronger financial situation.

Read this interesting story HERE.


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