THUNDER BAY – Business – Tbaytel has declared a dividend of $17 million. At Tbaytel’s annual general meeting (AGM) on April 30th, the company announced that the City-owned communications company would once again pay a fixed dividend of $17 million to the City of Thunder Bay in 2013. Tbaytel Board Chair Michael Power was also reappointed for the 2013-2014 term to continue his role in leading the Board as they drive Tbaytel’s performance and accountability.
Tbaytel moves forward
“The dividend confirms Tbaytel’s continued positive growth over the last 10 years,” says Power. “It reflects the exceptional efforts put forth by Municipal Service Board members, the executive management and management teams, as well as the staff who contribute to Tbaytel’s growth, financial health and stability each and every day.”
From 2004 to 2012, Tbaytel has contributed over $170 million in dividends to the City of Thunder Bay. The fixed dividend – which is currently $17 million annually – provides a 9.8 per cent saving to rate payers on the municipal portion of their tax bills. This dividend is payable quarterly throughout the year.
Tbaytel’s Municipal Service Board also released its annual community report at yesterday’s AGM. The report highlights Tbaytel’s strategic direction and major accomplishments of 2012. The Board mandate is governed by four core guiding principles including financial stability, employment creation, regional economic development and technological innovation.
In 2012, Tbaytel was able to significantly improve its 4G HSPA+ wireless network, expand its reach by welcoming former Dryden Municipal Telephone System customers and provide digital TV, wireless and broadband services to even more local and regional markets.
“Tbaytel is a well-managed and financially sound company comparable to any in the industry. We have the ability to provide a dividend of this magnitude to enhance the services and value to our stakeholders and customers,” says Tbaytel Interim President and CEO Dan Topatigh. “It is truly rewarding to know that through the loyalty of our customers, we can make significant contributions to the region through direct investments in telecommunication infrastructure while supporting community organizations and projects.”
For more information, Tbaytel’s 2012 report to the community is available online at www.tbaytel.net/communityreport. To request a printed version, please contact the Corporate Brand Communication Office at 807-684-3702.