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Labatt's announces special dividend.

John Labatt Ltd. recently announced that it would pay its shareholders a special dividend totalling 275 million Canadian dollars (US$226.2 million).

Labatt also increased its quarterly dividend to 20.5 Canadian cents from 20 cents. According to a report in the Wall Street Journal, the recent sale of Labatt's non-core food businesses enabled the company to make the move.

Despite the payout, Labatt shares fell 37.5 Canadian cents on the Canadian stock exchange after the announcement. Analysts explained that a larger special dividend had been expected.

In a separate announcement, Labatt also announced several changes among senior management. George Taylor, currently executive vice president, was named president and chief executive officer. He succeeds Sidney Oland, who will take on the new positions of vice chairman of Labatt and chairman of the company's brewing division.

Labatt reported that net earnings rose in the fiscal first quarter to C$52 million, or 55 Canadian cents a share, from C$44 million, or 45 Canadian cents, a year earlier. Sales in the latest period, which ended July 31, rose 12 percent to C$1.12 billion from C$1 billion.
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Title Annotation:John Labatt Ltd.
Publication:Modern Brewery Age
Date:Sep 28, 1992
Words:190
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