NISKU, AB, Oct. 2, 2012 /CNW/ - Wood Composite Technologies Inc. (TSX-V: WCT) (the "Company") is pleased to announce that further to its previously announced special resolution related to the reduction of stated capital by the Company, the record and payments dates for the resulting $0.0445 per common share ("Common Share") special distribution to shareholders (the "Special Distribution") have now been set, subject to regulatory approval.
Shareholder approval was obtained at a meeting on August 7, 2012, with overwhelming support from the shareholders present in person and by proxy. WCT's directors have set the record date for the $0.0445 per common Special Distribution to shareholders as October 9, 2012 (the "Record Date"), and the payment date as October 16, 2012 (the "Payment Date").
As the amount of the Special Distribution exceeds 25% of WCT's current stock price, "due bill" trading will be imposed by the TSX Venture Exchange ("TSX-V"). This will result in the Common Shares trading on a "due bill" basis from the opening of trading on October 4, 2012 to the close of trading on October 16, 2012. This means that sellers of the Common Shares from October 4, 2012 to October 16, 2012 (inclusive) will not be entitled to the Special Distribution and any Special Distribution payments received in accounts will be withdrawn. Holders entitled to the Special Distribution would include buyers of the Common Shares up to and including October 16, 2012.
The Common Shares will commence trading on an ex-distribution basis on the TSX-V effective from the opening of trading on October 17, 2012.
In connection with the announcement of these actions, the Company has also requested the permanent halt of trading of its shares on the TSX-V to occur on or before the Record Date and the voluntary delisting of its shares on the TSX-V on or about the ex-distribution date.
About Wood Composite
Wood Composite is listed on the TSX-V under the symbol "WCT" and maintains certain patents and processes that are proprietary to the Company which utilize recycled post industrial materials.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE: Wood Composite Technologies Inc.
For further information:
President and Chief Executive Officer
Telephone: (780) 908-3130
Facsimile: (780) 427-3725