ShawCor declares Quarterly and Special Recognition Dividend

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[{"type":"text","content":"\n\n\n\n(TSX: SCL.A, SCL.B)\n\n\nTORONTO, May 11 /CNW/ - The Board of Directors today declared a Quarterly\nDividend of seven cents (7.00 cents) per Class A Subordinate Voting Share and\nsix and three hundred and sixty-four one thousandths cents (6.364 cents) per\nClass B Multiple Voting Share payable on the 29th day of May 2009, to\nshareholders of record at the close of business on the 21st day of May 2009,\nrepresenting an increase in the Quarterly Dividend of 7.7%.\n\n\nThe Board of Directors also declared a Special Recognition Dividend of\ntwenty six cents (26.00 cents) per Class A Subordinate Voting Share and twenty\nthree and six hundred and thirty-six one thousandths cents (23.636 cents) per\nClass B Multiple Voting Share payable on the 29th day of May 2009, to\nshareholders of record at the close of business on the 21st day of May 2009.\nThis Special Recognition Dividend recognizes the occurrence of three\nsignificant events in the history of ShawCor Ltd., namely:\n\n\n1. The 40th anniversary of ShawCor becoming a public company.\n2. To recognize ShawCor's record earnings reported for 2008.\n3. To recognize the Company's strong cash position and return some cash\n to shareholders that is deemed to be in excess of the Company's\n growth needs.\n\n\nThe Special Recognition Dividend provides a tangible reward to ShawCor's\nshareholders and enables them to share in the success of the Company.\n\n\nFor Canadian resident shareholders, these dividends are designated as\n"eligible dividends" for purposes of the enhanced dividend tax credit rules\ncontained in the Income Tax Act (Canada) and any corresponding provincial and\nterritorial tax legislation.\n\n\nShawCor will be hosting a Shareholder and Analyst Conference Call and\nWebcast on Tuesday May 12th, at 10:00 AM EDT, which, will discuss the\ncompany's first quarter 2009 financial results. Please visit our website at\nwww.shawcor.com for further details.\n\n\n","length":2044,"tagName":"div"}]

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