MONTREAL, May 7, 2014 /CNW Telbec/ - Logistec Corporation (TSX:LGT.A)(TSX:LGT.B) today announced that its Board of Directors has approved a two-for-one split of its Class A Common Shares ("Class A Shares") and Class B Subordinate Voting Shares ("Class B Shares"), subject to the approval from the Toronto Stock Exchange ("TSX").
The record date of the stock split will be Friday, June 27, 2014 at the close of business, and the payment date will be Monday, July 7, 2014, at which time Logistec's transfer agent, Computershare Investor Services Inc. ("Computershare") will send shareholders of record an advice under the Direct Registration System indicating the number of additional Class A or Class B Shares, as applicable, that they received as a result of the stock split as of the record date. These additional shares will be held in book entry form and registered electronically in the transfer agent's recordkeeping system, unless a physical share certificate is requested by the registered shareholder. Beneficial owners of shares held through a brokerage account will have their accounts automatically updated to reflect the stock split.
The TSX has determined to implement the "due bill" trading procedure in connection with the stock split. A due bill is an entitlement attached to listed securities undergoing a material corporate action, such as a share split. In this case, anyone purchasing a Class A Share or Class B Share of Logistec during the period commencing two trading days before the record date (i.e. Wednesday, June 25, 2014) and ending on the payment date (i.e. Monday, July 7, 2014) inclusively (the "due bill period") shall receive a payable right. Any trades that are executed on the TSX during the due bill period will be identified to ensure purchasers of Logistec Class A Shares or Class B Shares receive the entitlement.
The Class A Shares and the Class B Shares will commence trading on a "post-split" basis on Tuesday, July 8, 2014 as of which date purchases of Logistec's Class A Shares and Class B Shares will no longer have an attaching entitlement.
The due bill redemption date will be Thursday, July 10, 2014.
The Board of Directors of Logistec Corporation also announced today that it has declared quarterly dividends of $0.105 per share on all outstanding "pre-split" Class A Shares and $0.1155 per share on all outstanding "pre-split" Class B Shares. The dividends will be paid on Friday, July 4, 2014 to all Logistec Corporation shareholders of record at the close of business on Friday, June 20, 2014.
The Board of Directors of Logistec Corporation also announced today that it has declared special cash dividends of $1.50 per share on all outstanding "pre-split" Class A Shares and $1.65 per share on all outstanding "pre-split" Class B Shares. The dividends will also be paid on Friday, July 4, 2014 to all Logistec Corporation shareholders of record at the close of business on Friday, June 20, 2014. This special dividend reflects Logistec's strong 2013 operating results and enviable cash position while still allowing for the financial flexibility to continue to invest in both our existing operations and new opportunities.
The "due bill" trading procedure will not apply to the quarterly and special dividends.
Both dividends are eligible dividends for Canada Revenue Agency purposes. Dividends paid during 2013 totalled $0.375 per Class A Share and $0.4125 per Class B Share.
Logistec Corporation is based in Montréal (QC) and provides specialized services to the marine community and industrial companies in the areas of bulk, break-bulk and container cargo handling in 27 ports in Eastern Canada, the Great Lakes and the U.S. East Coast. Logistec also offers marine transportation services geared primarily to the Arctic coastal trade, short-line rail transportation services, as well as marine agency services to foreign shipowners and operators serving the Canadian market. Furthermore, the Company operates in the environmental sector where it provides services to industrial, municipal, and other governmental customers for the trenchless structural rehabilitation of underground water mains, PCB management, site remediation, risk assessment, and woven-hose manufacturing.
The Company has been profitable and has paid regular dividends since becoming public and payments have grown steadily over the years. A public company since 1969, Logistec's shares are listed on the Toronto Stock Exchange under the ticker symbols LGT.A and LGT.B. More information can be obtained at the Company's website at www.logistec.com.
SOURCE: Logistec Corporation
For further information:
Jean-Claude Dugas cpa, ca