The Company is pleased to announce that, after a detailed review of its business, the Board of Directors of the Company has approved the payment of a special dividend to its shareholders of $7.20 per share (the "
The Company is pleased to announce that, after a detailed review of its business, the Board of Directors of the Company has approved the payment of a special dividend to its shareholders of $7.20 per share (the "Special Dividend") payable on August 16, 2013 (the "Payment Date") to all shareholders of record on August 6, 2013 (the "Record Date") subject to the "Due Bill" trading requirements mandated by the Toronto Stock Exchange (see below). Contact your financial intermediary should you have any questions regarding how such requirements may affect the trading of the common shares of the Company (the "Common Shares"). The net cash that will be used to pay the Special Dividend on the Payment Date is expected to be $84 million.
Because the amount of the Special Dividend announced today represents a distribution of greater than 25% of the market capitalization of the Company as of the close of markets today, the Toronto Stock Exchange has required that the Common Shares shall trade on a "Due Bill" basis from August 1, 2013 until the close of trading on the Payment Date. This means that sellers of Common Shares during this period (i.e. sellers in trades settled after the Record Date and entered into on or before the Payment Date) shall also sell their entitlement to the Special Dividend to the respective purchasers of such Common Shares. The Common Shares will commence trading on an ex-distribution basis (i.e. without an attached "Due Bill" entitlement to the Special Dividend) from the opening of trading on August 19, 2013 (i.e. the next trading day after the Payment Date).
The Board has determined that the Special Dividend represents an appropriate use of the Company's financial resources after completing its review of the Company as it returns excess cash to shareholders while allowing the Company to maintain adequate financial resources to fund its expected capital and other investments, as well as other potential opportunities for growth.
The Special Dividend declared today has been designated as an "eligible" dividend for the purposes of the Income Tax Act (Canada) and similar provincial legislation. Shareholders of Aastra are entitled to receive dividends only if and when such dividends have been declared and there is no entitlement to any dividends prior to any declaration thereof by Aastra's Board of Directors.
") payable on August 16, 2013 (the "Payment Date") to all shareholders of record on August 6, 2013 (the "Record Date") subject to the "Due Bill" trading requirements mandated by the Toronto Stock Exchange (see below). Contact your financial intermediary should you have any questions regarding how such requirements may affect the trading of the common shares of the Company (the "Common Shares"). The net cash that will be used to pay the Special Dividend on the Payment Date is expected to be $84 million.
Because the amount of the Special Dividend announced today represents a distribution of greater than 25% of the market capitalization of the Company as of the close of markets today, the Toronto Stock Exchange has required that the Common Shares shall trade on a "Due Bill" basis from August 1, 2013 until the close of trading on the Payment Date. This means that sellers of Common Shares during this period (i.e. sellers in trades settled after the Record Date and entered into on or before the Payment Date) shall also sell their entitlement to the Special Dividend to the respective purchasers of such Common Shares. The Common Shares will commence trading on an ex-distribution basis (i.e. without an attached "Due Bill" entitlement to the Special Dividend) from the opening of trading on August 19, 2013 (i.e. the next trading day after the Payment Date).
The Board has determined that the Special Dividend represents an appropriate use of the Company's financial resources after completing its review of the Company as it returns excess cash to shareholders while allowing the Company to maintain adequate financial resources to fund its expected capital and other investments, as well as other potential opportunities for growth.
The Special Dividend declared today has been designated as an "eligible" dividend for the purposes of the Income Tax Act (Canada) and similar provincial legislation. Shareholders of Aastra are entitled to receive dividends only if and when such dividends have been declared and there is no entitlement to any dividends prior to any declaration thereof by Aastra's Board of Directors.