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The Canadian Press - ONLINE EDITION

Computer Modelling Group raising dividend 5.3%; plans 2-for-1 stock split

CALGARY - Computer Modelling Group Ltd. (TSX:CMG) is increasing its quarterly dividend by 5.3 per cent and has also announced a two-for-one stock split.

The computer software technology and consulting company serving the oil and gas industry announced after markets closed Wednesday that the dividend, which will be paid on a pre-split basis, is going to 20 cents per share from 19 cents.

It will be payable June 13 to shareholders of record June 6.

"The growth in the level of dividends paid is reflective of our continued success and our commitment to share this success directly with our shareholders," president and CEO Ken Dedeluk said in a release.

Meanwhile, the company says trading of its shares on the Toronto Stock Exchange on a post-split basis is expected to begin June 23, the second trading day preceding the stock split record date.

"It is expected that the increased number of outstanding common shares resulting from the stock split will provide a greater opportunity for investors to become shareholders of CMG and increase liquidity in CMG's listed securities," Computer Modelling said in the release.

On the Toronto Stock Exchange, the company's shares closed up a penny at $30.26 on Wednesday on volume of just under 77,000 shares.

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