TORONTO, Feb. 21, 2012 /CNW/ - Retained executive search firm The
Caldwell Partners International Inc. (TSX: CWL) today announced that it
will be calling a special meeting of shareholders to be held on May 1,
2012. The purpose of this meeting is to seek shareholder approval of
the transfer of 75% of Stated Capital to Contributed Surplus, thus
allowing the Company to recommence paying a regular dividend.
On February 9, 2012, shareholders very narrowly defeated the same
resolution. Had that resolution passed, approximately $12 million of
Stated Capital would have been reclassified as Contributed Surplus. As
a result of this rejection by shareholders, the Company remains unable
to consider declaring a dividend or making application to the Toronto
Stock Exchange for approval of a Normal Course Issuer Bid.
Board Chairman G. Edmund King commented, "While those 42 percent of
shareholders who voted by proxy in advance of the meeting
overwhelmingly supported this resolution which would have allowed the
Company to declare a dividend, the resolution failed by the slimmest of
margins based on additional votes cast in person at the meeting. As a
result, the Board of Directors has had to delay its plans to reinstate
a regularly quarterly dividend. While future dividend payments would,
of course, be considered quarterly and declared by the Board based on
financial results and cash flow requirements of the Company at the
time, it was fully our intention to declare a 1.5 cent per share
quarterly dividend had this resolution passed. Based on today's market
price for our shares, that would have equated to about a 10 percent
Mr. King added, "Had only an additional 0.3 percent of shareholders
voted in favour, the resolution would have passed. 35 percent of our
shareholders did not cast their ballots and we feel they must have a
second opportunity to be heard as this very important resolution is
considered for a second time."
About Caldwell Partners
Caldwell Partners is one of North America's premier providers of
executive search and has been for over 40 years. As one of the region's
most trusted advisors in executive search, the firm has a sterling
reputation built on successful searches for boards, chief and senior
executives, and selected functional experts.
With offices in Vancouver, San Francisco, Los Angeles, Dallas, Calgary,
Atlanta, Toronto, Stamford, New York City, and a strategic presence in
London and Hong Kong, the firm takes pride in delivering an unmatched
level of service and expertise to its clients.
Caldwell Partners' Common shares are listed on The Toronto Stock
Exchange (TSX: CWL). Please visit our website at www.caldwellpartners.com for further information.
Forward-looking statements in this document are based on current
expectations that are subject to significant risks and uncertainties.
Actual results might differ materially due to various factors such as
the competitive nature of the executive search industry, the ability of
the company to execute its growth strategies, the performance of the
Canadian domestic and international economies, and the company's
ability to retain key personnel. The Caldwell Partners assumes no
obligation to update the forward-looking statements, or to update the
reasons why actual results could differ from those reflected in the
SOURCE The Caldwell Partners International Inc.
For further information:
Karen Richards, CA
Chief Financial Officer
The Caldwell Partners International