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POTASHCORP ANNOUNCES THREE-FOR-ONE STOCK SPLIT AND DIVIDEND INCREASE
Jan. 27, 2011
Source: PotashCorp news release
Potash Corporation of Saskatchewan Inc. (PotashCorp) announced today that its Board of Directors has approved a three-for-one stock split of the company's outstanding common shares which will be payable in the form of a stock dividend.
Subject to final regulatory approval, all shareholders will receive two additional shares for each share owned on the record date of February 16, 2011.
Additionally, the Board of Directors approved an increase of the company's quarterly cash dividend (from $0.10 per share to $0.21 per share on a pre-split basis), and declared a quarterly cash dividend of US $0.07 per common share (on a post-split basis) payable May 5, 2011 to shareholders of record on April 14, 2011.
"Our shareholders have provided the important capital that has helped prepare our company for the next stage of growth," said PotashCorp President and Chief Executive Officer Bill Doyle. "The doubling of our dividend reflects the confidence we have in the long-term drivers of our business and further commitment to using our strong cash flow to create value for our shareholders. Additionally, the increased number of shares resulting from the split should enhance trading liquidity in our stock."
Shareholders who have PotashCorp stock certificates should retain them. The transfer agent, CIBC Mellon Trust Company, will mail new certificates on February 24, 2011. Upon completion of the stock dividend, the number of shares outstanding will approximate 853 million. PotashCorp's common shares are expected to commence trading on a split basis on February 14, 2011 on the Toronto Stock Exchange and February 25, 2011 on the New York Stock Exchange. The stock split will have no unfavorable tax consequences in Canada or the United States.
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