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Richelieu Hardware obtains TSX approval for three-for-one split of its outstanding common shares
Richelieu Hardware obtains TSX approval for three-for-one split of its outstanding common ...
About this update from Richelieu Hardware Ltd
[{"type":"text","content":"\n\n\n\n\nRichelieu Hardware obtains TSX approval for three-for-one split of its outstanding common shares\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nRichelieu Hardware obtains TSX approval for three-for-one split of its outstanding common shares\nCanada NewsWire\nMONTREAL, Feb. 4, 2016\n\n\n\nMONTREAL, Feb. 4, 2016 /CNW Telbec/ - Richelieu Hardware Ltd. (\"Richelieu\" or the \"Corporation\") (TSX: RCH), announced today having obtained approval from the Toronto Stock Exchange (the \"TSX\") regarding the three-for-one split of the Corporation's outstanding common shares (the \"Share Split\"). The Share Split was initiated by the Corporation's Board of Directors in an effort to improve the liquidity of Richelieu's shares and ensure that such shares remain accessible to individual shareholders. The Share Split will not dilute shareholders' equity and will not have unfavourable tax consequences for shareholders under Canadian tax laws. Shareholders of record at close on Monday, February 29th, 2016 (the \"Record Date\") will receive two additional common shares of the Corporation for each common share held as of the Record Date.\n\nThe TSX has determined that, in connection with the Share Split, the common shares will be traded in accordance with the \"due bill\" trading procedure. A due bill is an entitlement attached to listed securities undergoing a material corporation action, such as a share split. In this case, anyone purchasing a common share of Richelieu during the period commencing at the opening of business on Thursday, February 25th, 2016 (i.e., two trading days prior to the Record Date) and ending on the payment date of Wednesday, March 2nd, 2016, inclusive (the \"due bill period\"), will receive a payable right. Trades executed during the due bill trading period will be flagged to ensure purchasers receive the entitlement to the additional common shares issuable as a result of the Share Split. \n\nThe common shares will commence trading on a \"ex-distribution\" basis on Thursday, March 3rd, 2016, as of which date purchases of Richelieu's common shares w...