7:31AM QLT Inc proposes $200 million special cash distribution to shareholders, resulting in the return of ~ $3.95 per share (shares halted) (QLTI) 8.35 : Co approved a special cash distribution to QLT's shareholders in the amount of US$200 million, by way of a reduction of the paid-up capital of the Company's shares, resulting in the return of ~US$3.95 per share based upon the current number of issued and outstanding shares of the Company. The Company will be able to make the Cash Distribution to shareholders without Canadian withholding taxes of up to 25% being payable, pursuant to an Advance Tax Ruling received from Canadian tax authorities.
When the Board commenced its review of the most tax efficient and effective means to return capital to the Company's shareholders, it initially authorized a return of $100 million in capital. Since then, the Company has already returned to its shareholders an aggregate of approximately $27 million, the maximum allowable under the Toronto Stock Exchange normal course issuer bid rules, pursuant to the Company's recently concluded open market share repurchase program. If the proposed Cash Distribution is approved by shareholders, it will result in a total return of capital to QLT's shareholders in less than 12 months of an aggregate of approximately $227 million. (shares halted)
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