Closer look at the N/R First of all, a 75% dividend structured as a return of capital is, for a Canadian investor, the equivalent of something closer to a $1 dividend on an after tax, cash flow basis. The exact amount depends on how high an investor's tax rate is.
Second, there is this sentense: "The distribution would occur in the course of a reorganization of Pan Orient's business". I read this to mean that there is still a second foot to drop. This would explain why such a long lead time before shareholder approval is being called for. More than one transaction can be passed in that special meeting. Think of a possible re-capitalized spin off of Sawn Lake to shareholders. Large resource base, pilot plant already has all the needed governmental approvals. Cost about $19 mil. which can be injected prior to spin off. Baytex and others producing less than 10 miles to the south.
Third, the delay and the operational update within one week. They must have been delaying the dividend announcement to co-incide with the operational update. Must be good news coming. Could not delay any longer, so they announce the dividend and promise the update within a week. If it were not good news they would not go through that process.