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Extraordinary Cash Dividend of $5.00 is Declared by Sears Canada

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Core Tip: Sears Canada Inc. announced that its Board of Directors declared that an extraordinary cash dividend of $5.00 per share on all Common Shares of the Company, or approximately $509 million, in th

Sears Canada Inc. announced that its Board of Directors declared that an extraordinary cash dividend of $5.00 per share on all Common Shares of the Company, or approximately $509 million, in the aggregate, will be paid on December 6, 2013 to shareholders of record as at the close of business on December 2, 2013.

As announced on November 11, 2013, the Company expects the sale of its interest in certain joint venture properties for $315 million to Montez Income Properties Corporation to close on January 8, 2014. When and if the transaction closes, the Board of Directors will make a determination whether an additional distribution to shareholders is appropriate.

Sears Canada hereby notifies shareholders that it designates the full amount of the dividend to be paid on the common shares to be an "eligible dividend" as defined in subsection 89(1) of the Income Tax Act (Canada), and in any similar provincial and territorial tax legislation.

Sears Canada is a multi-channel retailer with a network that includes 181 corporate stores, 241 hometown dealer stores, over 1,400 catalogue merchandise pick-up locations

 
Keyword: Sears Canada, Apparel
 
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