Canadian Satellite Radio shares soar on dividend announcement
Financial Post - over 4 years
Canadian Satellite Radio Holdings Inc. shares soared 20% on Tuesday after the parent company of Sirius XM Canada Inc. initiated a quarterly cash dividend and also declared a special dividend.
“The decision to provide a special dividend as well as introduce a quarterly dividend is a strong testament to the proven cash generation capabilities of the business and our excellent growth,” said Mark Redmond, President and CEO, SiriusXM Canada.
“We have a stable recurring revenue stream, and we have been able to realize cost synergies without sacrificing growth.
The company will pay a quarterly cash dividend of $0.0825 per class A share and class C non-voting share and $0.0275 per class B share. The next dividend declaration date is January 2013.
The special dividend, meanwhile, is worth $0.0825 per class A subordinate voting share and $0.0275 per Class B Voting Share. The special dividend will have a record date of November 28, 2012 and a payment date of January 2, 2013.
Financial Post article