LONGUEUIL, QC, Dec. 18, 2012 /CNW Telbec/ - Héroux-Devtek Inc. (TSX:
HRX) ("Héroux-Devtek" or the "Corporation"), a leading Canadian
manufacturer of aerospace products, is pleased to announce that its
shareholders voted in favour of a special resolution to reduce the
amount of the Corporation's issued share capital by $2.70 per share and
repay such amount on December 19, 2012 to shareholders of record on
November 20, 2012. This approval was obtained at a special shareholder
meeting held earlier today in Montréal, Québec. 98.83% of the proxies
received by the Corporation were voted in favour of the capital
reduction and repayment.
Therefore, the previously announced special cash distribution of $5.00
per share ($157,494,525) will be composed of a capital reduction and
repayment of $2.70 per share ($85,047,044) and a special cash dividend
of $2.30 per share ($72,447,481). As a result, a shareholder will,
under certain circumstances, not be subject to tax on the amount of the
capital reduction and repayment or, at the very least, be able to treat
the amount of the capital reduction and repayment that is in excess of
the shareholder's cost base in the shares as a capital gain.
The shares will commence trading on an ex-distribution basis (i.e.
without an attached "due bill" entitlement to the special distribution)
from the opening of trading on December 20, 2012, the first trading day
following the payment date. Investors who enter into trades to purchase
shares on or after December 20, 2012 will not be entitled to the
special distribution. The due bills will be redeemed on December 24,
2012 once all the trades with attached due bills entered into up to and
including December 19, 2012 have settled.
About Héroux-Devtek Inc.
Héroux-Devtek Inc. (TSX: HRX) is a Canadian company specializing in the
design, development, manufacture and repair and overhaul of landing
gear systems and components for the Aerospace market. The Corporation
is the third largest landing gear company in the world, supplying both
the commercial and military sectors of the Aerospace market with new
landing gear systems and components, as well as aftermarket products
and services. Approximately 70% of the Corporation's sales are outside
Canada, mainly in the United States. The Corporation's head office is
located in Longueuil, Québec with facilities in the Greater Montreal
area (Longueuil, Laval and St-Hubert); Kitchener and Toronto, Ontario;
as well as Springfield and Cleveland, Ohio.
Except for historical information provided herein, this press release
may contain information and statements of a forward-looking nature
concerning the future performance of the Company. These statements are
based on suppositions and uncertainties as well as on management's best
possible evaluation of future events. Such factors may include, without
excluding other considerations, fluctuations in quarterly results,
evolution in customer demand for the Company's products and services,
the impact of price pressures exerted by competitors, and general
market trends or economic changes. As a result, readers are advised
that actual results may differ from expected results.
SOURCE: HEROUX-DEVTEK INC.
For further information:
President and Chief Executive Officer
Tel.: (450) 679-3330
Martin Goulet, CFA
Tel.: (514) 731-0000