Argus Corporation Limited: Dividend Declaration And Loan From Ravelston.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- Argus Corporation Argus Corporation, based in Toronto, Ontario, is an investment and holding company founded in 1945 by its President E. P. Taylor with minority partners Colonel W. Eric Phillips and Wallace McCutcheon and other investors. Limited (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :AR.PR.A)(TSX:AR.PR.D)(TSX:AR.PR.B) today announced that it had declared regular quarterly dividends to be paid on February 1, 2005 to the holders of record of its Class A and Class B Preference Shares at the close of business on January 20, 2005. The dividends to be paid are respectively Cdn. 62 1/2 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on the Class A Preference Shares $2.50 Series, Cdn. 65 cents per share on the Class A Preference Shares $2.60 Series and Cdn. 67 1/2 cents per share on the Class B Preference Shares 1962 Series. Argus has previously disclosed that it needed to obtain additional funds in order to continue to pay dividends on the Class A and Class B Preference Shares on an uninterrupted basis, including the dividends that are to be paid on February 1, 2005. The Ravelston Corporation Limited Ravelston Corporation Limited is a Canadian holding company that was largely controlled by Conrad Black and business partner David Radler. It held shares in Black's other holding companies, such as Hollinger International, now known as Sun-Times Media Group. ("Ravelston"), the parent of Argus, today agreed to provide a loan to Argus for Cdn. $251,703, the amount of the dividends to be paid by Argus on February 1, 2005, so that these dividends could be declared and paid. Ravelston holds all of the Common Shares and Class C Preference Shares of Argus and 2,900 of Argus' 55,893 issued Class A Preference Shares $2.60 Series. The loan is to be made by Ravelston on an interest-free basis pursuant to a Promissory Note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. and will be repayable on February 28, 2006. Argus will require additional funds to be able to continue to pay future dividends on its Class A and Class B Preference Shares on an uninterrupted basis, including an additional amount of approximately Cdn. $251,703 for dividends that are scheduled to be paid on May 1, 2005. Argus intends to make efforts to ensure that such dividend payments can be made on May 1, 2005 and continue to be made thereafter on an uninterrupted basis. ARGUS CORPORATION LIMITED (TSX:AR.PR.A) (TSX:AR.PR.D) (TSX:AR.PR.B) |
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