Press release from Marketwire
Stella-Jones Announces 4-for-1 Share Split
Tuesday, October 01, 2013
Stella-Jones Announces 4-for-1 Share Split08:50 EDT Tuesday, October 01, 2013
MONTRÉAL, QUÉBEC--(Marketwired - Oct. 1, 2013) - Stella-Jones Inc. (TSX:SJ) ("Stella-Jones" or the "Company") today announced that its Board of Directors has approved a 4-for-1 share split of its outstanding common shares. The 4-for-1 share split will take the form of a share dividend whereby shareholders will receive three common shares for each common share held.
The record date for the share dividend will be Monday, October 21, 2013 and the payment date will be Friday, October 25, 2013.
The Toronto Stock Exchange has determined to implement due bill trading in connection with the share split. A due bill is an entitlement attached to listed securities undergoing a material corporate action, such as a share split. In this instance, the entitlement is to the share dividend. The common shares will trade on a due bill basis from two trading days prior to the record date (i.e., Thursday, October 17, 2013) to the payment date (i.e., Friday, October 25, 2013), inclusively. Any trades that are executed on the Toronto Stock Exchange during this period will be flagged to ensure purchasers receive the entitlement to the share dividend. Ex-dividend trading in the common shares on a split-adjusted basis will commence on Monday, October 28, 2013. The due bill redemption date will be Wednesday, October 30, 2013.
Shareholders do not need to take any action. Stella-Jones' transfer agent will send to registered shareholders an advice under the Direct Registration System indicating the number of additional shares that they receive as a result of the stock split. 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 with common shares held through a brokerage account will have their accounts automatically updated to reflect the share split.
No income tax will be payable by Canadian residents in respect of the share split, and the share split will not dilute shareholders' equity. All share and per share data for future periods will reflect the share split.
A series of questions and answers explaining some of the key features of the share split will be posted during the course of the day today on the home page of the Stella-Jones website at http://www.stella-jones.com, under Latest News.
Stella-Jones Inc. (TSX:SJ) is a leading producer and marketer of pressure treated wood products. The Company supplies North America's railroad operators with railway ties, timbers and recycling services; and the continent's electrical utilities and telecommunications companies with utility poles. Stella-Jones also provides industrial products and services for construction and marine applications, as well as residential lumber to retailers and wholesalers for outdoor applications. The Company's common shares are listed on the Toronto Stock Exchange.
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, the ability of the Company to raise the capital required for acquisitions, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.
3100 de la Côte-Vertu Blvd.
Tel.: (514) 934-8666
Fax: (514) 934-5327
The Toronto Stock Exchange
Stock Symbol: SJ Transfer Agent
Computershare Investor Services Inc.
Senior Vice-President and
Chief Financial Officer
Tel.: (514) 940-3903
Fax: (514) 934-5327
FOR FURTHER INFORMATION PLEASE CONTACT:
Eric Vachon, CPA, CA
Senior Vice-President and Chief Financial Officer
Martin Goulet, CFA