Diamond Hill Investment Group, Inc. Announces Special Dividend
COLUMBUS, Ohio, Nov. 22, 2013
COLUMBUS, Ohio, Nov. 22, 2013 /PRNewswire/ --Diamond Hill Investment Group,
Inc. (NASDAQ:DHIL) today announced that its board of directors has approved a
$3.00 per share special cash dividend to shareholders of record on December
10, 2013 payable December 16, 2013. The company will finalize the tax
characterization of the dividend in February 2014 and expects 100% of the
distribution to be classified as a qualified dividend.
While this is the sixth consecutive year that the company has paid a special
dividend, there can be no assurance that the company will pay a dividend in
the future. The Board of Directors and management continually review various
factors to determine whether the company has capital in excess of that
required for the business and the appropriate use of any excess capital. The
factors considered include the company's investment opportunities, the
company's risks, and future dividend and capital gain tax rates. We believe
that we should retain a larger portion of our operating profits so that we can
adequately seed new strategies and support existing strategies, which we
believe will help us to continue to grow the company's intrinsic value per
share over the long term.
Evaluating management's stewardship of capital for shareholders is a central
part of our intrinsic value investment discipline that we practice for our
clients. We hold ourselves to the same standard that we look for when
evaluating investments for our clients.
About Diamond Hill:
Diamond Hill is an independent investment management firm with significant
employee ownership and $11.5 billion in assets under management as of
September 30, 2013. The firm provides investment management services to
institutions and individuals throughmutual funds, institutional separate
accounts, and private investment funds. Diamond Hill's entire investment team
shares the same intrinsic value investment philosophy focused on absolute
returns, and the firm's interests are firmly aligned with its clients through
significant investment in its strategies. For more information on Diamond
Hill, visit www.diamond-hill.com.
SOURCE Diamond Hill Investment Group, Inc.
Contact: Investor Contact: James F. Laird-Chief Financial Officer,
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