Business
Caldwell Partners' Shareholders Approve Transfer of 75% of Stated Capital to Contributed Surplus
Board Declares Dividend of 1.5 Cents Per Share TORONTO, May 1, 2012 /CNW/ - Retained ...
About this update from Caldwell Partners International Inc.
[{"type":"text","content":"\n\n\n\n\n\nBoard Declares Dividend of 1.5 Cents Per Share\n\n\nTORONTO, May 1, 2012 /CNW/ - Retained executive search firm The Caldwell\n Partners International Inc. (TSX: CWL) announced that at a meeting held\n today, its shareholders approved a resolution to reduce the Stated\n Capital of its Common Shares by 75%, adding approximately $12 million\n to Contributed Surplus.  Total Shareholders' Equity as at February 29,\n 2012 remains unchanged at approximately $9.7 million.\n\n\nWith this restatement of capital approved, the Board of Directors is\n pleased to announce the payment of a dividend of 1.5 cents per Common\n Share payable June 15, 2012 to shareholders of record on May 10, 2012. \n The company also indicated that it is intending to repurchase Common\n shares on the Toronto Stock Exchange, pursuant to a Normal Course\n Issuer Bid notice to be filed with the TSX.\n\n\n\"Throughout our strategic growth plan, we have been focussed on\n increasing revenues and improving profitability, always with a view to\n creating value for shareholders.  With the restatement of capital\n approved, we are now able to tangibly enhance that value through the\n payment of a dividend which, based on today's market price, provides\n our shareholders with an annualized return of approximately 9%.\" said\n G. Edmund King, Chairman. \"We would like to thank all shareholders who\n exercised their franchise regarding this resolution.  With 14,800,453\n or 87% of all outstanding shares voted, we have now heard from the vast\n majority of shareholders and their wishes regarding this very important\n matter.  An overwhelming 99.9% of shares represented voted in favour of\n the restatement of capital.\n\n\nMr. King continued, \"Our Board and management agree that the current\n price at which Caldwell Partners' shares are trading on the Toronto\n Stock Exchange does not adequately reflect the value of our company and\n the outlook for our business.  Under the right circumstances, we view\n the potential to repurchase shares as being a good use of a portion of\n the unencumbered cash that we have been maintaining to carry out our\n strategic growth plans.\"\n\n\nAbout Caldwell Partners\n\n\nCaldwell Partners is one of North America's premier providers of\n executive search and has been for over 40 years. As one of the reg...