IVACO to pay dividend arrears.MONTREAL, QUEBEC--(BUSINESS WIRE)--Jan. 24, 1995--IVACO INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. .(ME, TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :IVA.A) Ivaco Inc. today announced that the shareholders have overwhelmingly approved the amendment of the Company's share provisions for each of the four existing series of Second Preferred second preferred A class of preferred stock that has a subordinate claim to dividends and assets relative to another class of preferred stock of the same issuer. Compare prior preferred. Shares to permit dividends to be paid in cash, in newly created Series 5 Second Preferred Shares or in Class A Shares. The level of dissent by shareholders was minimal and, accordingly, Ivaco will file articles of amendment to this effect shortly. As a result, Ivaco will proceed with its previously announced intention to pay approximately $33.1 million in dividends, representing 75% of the outstanding dividend arrears on its existing Second Preferred Shares, and comprised of $8.5 million in cash and the balance in Series 5 Second Preferred Shares. It is intended that the remaining arrears will be paid in three equal instalments over the next three years. At the next regular meeting of the Board, in early March, the Directors will set the record date for determining shareholders entitled to receive the payment of these dividend arrears. The Company also intends to reinstate the payment of regular quarterly dividends on all existing series of Second Preferred Shares starting in early April. Ivaco is a steel producer with annual steelmaking and rolling capacity of more than two million tons located at Ivaco Rolling Mills in Ontario, Atlantic Steel in Georgia and at 49.8% owned Laclede Steel in Illinois. Its products include steel billets, hot rolled bars and shapes, wire rod, wire, welded wire fabric, nails, fasteners, precision machined components, forgings, wire ropes and cables. Ivaco also fabricates and erects structural steel. Through 50% owned IPEX IPEX Italian Power Exchange IPEX Immunodysregulation, Polyendocrinopathy, Enteropathy, X Linked (Syndrome) IPEX Input Parameter Extra (Alcatel) it manufactures plastic pipe and fittings, and through 50% owned Amercord Inc., manufactures tire cord and tire bead. The Ivaco Group has 51 plants, 34 of which are in Canada and 17 in the United States, and employs approximately 7,400 people. Ivaco Inc. shares are traded on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and on the Montreal Exchange Montreal Exchange A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal, Quebec, it is the country's main financial derivative market, while the Winnipeg (IVA). CONTACT: Mr. Paul Ivanier, President and Chief Executive Officer, 514/288-4545 INDUSTRY KEYWORD: MANUFACTURING REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-575-8822 or 800-221-2462; Boston 617-330-5311 or 80 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion