TORONTO,
Dec. 15 /PRNewswire-FirstCall/ -
George Weston Limited ("Weston") (TSX: WN) announced today that it
will pay a special one-time common share dividend of $1 billion, representing $7.74751 per common share, on January 25, 2011 to all common shareholders of
record at the close of business on January 18, 2011.
"The Corporation's track record of solid
operating performance, combined with significant cash balances and
ample liquidity to grow the business, provides the Corporation with
the opportunity to reward shareholders with a return in excess of
our normal dividend," said W. Galen
Weston, Chairman and President of the Corporation.
Mr. Weston added: "Capital markets have come
through some very turbulent times and the Corporation took a
conservative position holding excess cash. Now with increased
stability in the capital markets and our strong balance sheet, the
directors felt that a return of capital was appropriate. At the
same time, we are preserving sufficient financial flexibility to
meet the Corporation's ongoing operational and capital requirements
and to pursue growth opportunities."
This dividend is designated as an "eligible"
dividend for the purposes of the Income Tax Act (Canada) and any similar provincial and
territorial legislation.
About George Weston Limited
George Weston Limited is a Canadian public
company founded in 1882 and through its operating subsidiaries
constitutes one of North America's
largest food processing and distribution groups. Weston has two
reportable operating segments: Weston Foods and Loblaw, which is
operated by Loblaw Companies Limited. The Weston Foods operating
segment is primarily engaged in the baking industry within North
America. Loblaw is Canada's
largest food distributor and a leading provider of general
merchandise, drugstore and financial products and services.
Caution concerning forward-looking
statements
Certain statements made in this news release,
including but not limited to, statements relating to the
Corporation's expected future financial condition, operating and
financial performance, liquidity and capital requirements and
growth prospects, and other statements constitute forward looking
statements. These forward looking statements are not
historical facts but reflect the Corporation's current expectations
concerning future results and events. As a result, these
statements are not guarantees of future performance and are subject
to certain risks and uncertainties.
These forward looking statements are based on
current expectations, estimates and projections about the
Corporation and the industries in which it operates, and are
subject to known and unknown risks and uncertainties that could
cause the actual results, performance or achievements expressed or
implied by such forward looking statements. Such risks and
uncertainties include those described in the Corporation's 2009
Annual Report and quarterly interim reports, including the sections
entitled "Forward Looking Statements". Readers are cautioned
not to place undue reliance on these forward looking statements as
there can be no assurances that the plans, objectives, initiatives
or expectations upon which they are based will occur.
SOURCE George Weston Limited
Copyright . 15 PR Newswire