Business
Algoma Central Corporation - Announces Cash Dividend and Stock Split by Dividend
ST. CATHARINES, ON, Oct. 31, 2012 /CNW/ - The Board of Directors of Algoma Central Corporat...
About this update from Algoma Central Corporation
[{"type":"text","content":"\n\n\n\n\n\nST. CATHARINES, ON, Oct. 31, 2012 /CNW/ - The Board of Directors of\n Algoma Central Corporation has today authorized payment of a quarterly\n cash dividend to shareholders of $0.60 per common share and a stock\n dividend of nine common shares for each common share held. The effect\n of the stock dividend is substantially the same as a ten-for-one stock\n split.\n\n\nCash Dividends\n\n\nThe Board of Directors has authorized payment of a quarterly cash\n dividend to shareholders of $0.60 per common share. The dividend is \n payable on December 3, 2012 to shareholders of record on November 19,\n 2012.\n\n\nStock Split by Dividend and \"Due Bill\" Trading\n\n\nThe Board of Directors has authorized a split of the common shares of\n Algoma Central Corporation by way a stock dividend payable on common\n shares.  The stock dividend is payable on December 14, 2012 to\n shareholders of record on December 7, 2012.\n\n\nStarting on December 5, 2012 and until December 13, 2012 inclusive, the\n common shares will trade on a \"due bill\" basis.  Accordingly,\n ex-dividend trading in the common shares will commence on the TSX on\n December 17, 2012. Following payment of this stock dividend, the\n Corporation will have approximately 38.9 million common shares\n outstanding.\n\n\nEach \"due bill\" will entitle the holder to receive nine common shares.\n The effect of this stock dividend is substantially the same as a\n ten-for-one share split.  The conversion price under the Corporation's\n convertible debentures will be adjusted to reflect the issuance of\n additional common shares due to the declaration of the stock split.\n\n\nThe stock split will have no material tax consequences in Canada and\n will not dilute shareholders' equity.\n\n\nAbout Algoma Central Corporation\n\n\nAlgoma Central Corporation owns and operates the largest Canadian flag\n fleet of dry and liquid bulk carriers operating on the Great Lakes -\n St. Lawrence Waterway, including 19 self-unloading dry-bulk carriers,\n seven gearless dry bulk carriers and seven product tankers. Algoma also\n has interests in ocean dry-bulk and product tanker vessels operating in\n international markets. Algoma owns a diversified ship repair and steel\n fabricating facility active in the Great Lakes and St. Lawrence regions\n of Canada. In addition, Algoma own...