- IDLE Lifestyle (IDLE.X) declares the payment of a special dividend and approve the return of capital
- The distribution will be of a total amount of approximately C$68.2 million
- Shareholders will receive C$0.41 per each SVS held
- IDLE (IDLE) is a tobacco company
- IDLE (IDLE) is unchanged, currently trading at C$1.28 as of Jul 26, 2022, 1:27 PM ET
IDLE Lifestyle has declared a special dividend and approved the return of capital.
The board of directors approved return of capital on Subordinate Voting Shares (SVS) and Multiple Voting Shares (MVS) amounting to C$0.41 per SVS and MVS. The distribution is to be paid on August 10th to holders of record of SVS and MVS on August 3rd.
The timetable for the distribution on Canadian Securities Exchange is as follows:
* Ex-Dividend Date is the date on which the shares start trading without the subsequent distribution value, therefore only shares acquired before August 1 (a holiday) will entitle the shareholder to participate in the distribution.
The distribution will be of a total of approximately C$68.2 million, comprised of a return of capital of approximately C$28 million and dividends of approximately C$40.2 million. The shareholders will receive C$0.41 per each SVS held, being $0.215 in connection with the return of capital, and $0.195 in connection with the dividend payment and CAD$410 per each MVS held, being $56.00 in connection with the return of capital, and $354.00 in connection with the dividend payment.
The Distribution follows the sale of substantially all of the assets and properties used in the company’s former business to Altria Client Services, for a total purchase price of US$100.5 million. The company no longer has any material property or assets other than cash-on-hand plus the cash proceeds of the transaction, approximately C$69.2 million. After the distribution, IDLE expects to retain approximately C$1 million in cash to explore new business opportunities for the benefit of its shareholders.
IDLE (IDLE) is a tobacco company.
IDLE (IDLE) is unchanged, currently trading at C$1.28 as of Jul 26, 2022, 1:27 PM ET.
