George Weston Limited Announces $1 Billion Special Dividend
15 Dezember 2010 - 11:15PM
PR Newswire (Canada)
TORONTO, Dec. 15 /CNW/ -- TORONTO, Dec. 15 /CNW/ - George Weston
Limited ("Weston") (TSX: WN) announced today that it will pay a
special one-time common share dividend of $1 billion, representing
$7.74751 per common share, on January 25, 2011 to all common
shareholders of record at the close of business on January
18, 2011. "The Corporation's track record of solid operating
performance, combined with significant cash balances and ample
liquidity to grow the business, provides the Corporation with the
opportunity to reward shareholders with a return in excess of our
normal dividend," said W. Galen Weston, Chairman and President of
the Corporation. Mr. Weston added: "Capital markets have come
through some very turbulent times and the Corporation took a
conservative position holding excess cash. Now with increased
stability in the capital markets and our strong balance sheet, the
directors felt that a return of capital was appropriate. At the
same time, we are preserving sufficient financial flexibility to
meet the Corporation's ongoing operational and capital requirements
and to pursue growth opportunities." This dividend is designated as
an "eligible" dividend for the purposes of the Income Tax Act
(Canada) and any similar provincial and territorial
legislation. About George Weston Limited George Weston
Limited is a Canadian public company founded in 1882 and through
its operating subsidiaries constitutes one of North America's
largest food processing and distribution groups. Weston has two
reportable operating segments: Weston Foods and Loblaw, which is
operated by Loblaw Companies Limited. The Weston Foods operating
segment is primarily engaged in the baking industry within North
America. Loblaw is Canada's largest food distributor and a
leading provider of general merchandise, drugstore and financial
products and services. Caution concerning forward-looking
statements Certain statements made in this news release, including
but not limited to, statements relating to the Corporation's
expected future financial condition, operating and financial
performance, liquidity and capital requirements and growth
prospects, and other statements constitute forward looking
statements. These forward looking statements are not
historical facts but reflect the Corporation's current expectations
concerning future results and events. As a result, these
statements are not guarantees of future performance and are subject
to certain risks and uncertainties. These forward looking
statements are based on current expectations, estimates and
projections about the Corporation and the industries in which it
operates, and are subject to known and unknown risks and
uncertainties that could cause the actual results, performance or
achievements expressed or implied by such forward looking
statements. Such risks and uncertainties include those
described in the Corporation's 2009 Annual Report and quarterly
interim reports, including the sections entitled "Forward Looking
Statements". Readers are cautioned not to place undue
reliance on these forward looking statements as there can be no
assurances that the plans, objectives, initiatives or expectations
upon which they are based will occur. To view this news
release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/December2010/15/c5634.html
pGeoffrey H. Wilsonbr/ Senior Vice President, Financial Services
and Investor Relationsbr/ 416-922-2500/p
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