By: Matt Rego
Shares of the racehorse breeding company, Buscar Company (OTC Pink: CGLD) declined over 35% in the early trading session on June 1, 2016. The $13.72 million company has only seen average daily volumes of 19,219 shares over the past three months, but is seeing heavy volume today with 510,618 shares exchange hands early on or $128,575 in dollar volume.
The steep declines on heavy volume just after Buscar Company (OTC Pink: CGLD) announced the company had approved a new quarterly dividend for shareholders on May 31, 2016. Here is the press release detailing of the new dividend policy for Buscar Company (OTC Pink: CGLD):
MARINA DEL REY, CA, May 31, 2016 (GLOBE NEWSWIRE) — Buscar Company (CGLD), which is actively involved in the development and monetization of elite thoroughbred race horses, is pleased to announce the Company’s Board of Directors has approved a new dividend policy whereby the Company will issue to its shareholders a quarterly dividend equal to 20% of the collective net purse winnings that the Company receives from its thoroughbreds.
Buscar Stables typically receives 80% of the purse winnings with 10% being paid to the jockey and 10% to the trainer. As such, the shareholders of the Company will disperse approximately 16% of the purse winnings to be paid to shareholders of record at the end of each calendar quarter, i.e. March 31, June 30, September 30 and December 31.
“We firmly believe in providing both access and opportunity to the shareholders of Buscar Stables,” said Anastasia Shishova, CEO, Buscar Company. “This is a business built in the true competitive spirit of the Sport of Kings and one which gives investors the opportunity of direct participation in the business of thoroughbred race horses, to watch each race with the singularly unique perspective, emotion and passion of an owner.”
“Now, with board approval of this dividend, shareholders of record will simultaneously celebrate the success of the Buscar’s stable of horses and share in each financial success. We believe this is unprecedented,” added Shishova.
Shareholders are welcomed by the Company to participate in the walk through events on race day and have their photo taken in the winner’s circle should the horse win. Shareholders can schedule with our licensed owner visits to the stables area, the trainer’s barn and to watch morning workouts and are encouraged to sign up on the company’s website www.buscarcompany.com for personal invitations to join us at select VIP shareholder events planned to be held at racetracks across the country this year.
Shareholders can watch the Company’s thoroughbreds’ race on TVG. If their cable provider does not offer TVG then they can sign up for an account at www.twinspires.com and watch the races from any track.
About Buscar Company. The Company is engaged in the buying, selling and racing of elite thoroughbreds. The Company’s focus is acquiring thoroughbreds that can race in the allowance and stakes level of thoroughbred racing; however, the Company will initially begin acquiring thoroughbreds in the claiming level of thoroughbred racing. More information can be found at www.buscarcompany.com.
Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate.