This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Pan American Silver Declares Second Quarterly Dividend Of 2012 And Will Restart Share Repurchase Program

(All amounts in US dollars unless otherwise stated)

VANCOUVER, May 15, 2012 /PRNewswire/ - Pan American Silver Corp. (PAAS: NASDAQ; PAA: TSX) ("Pan American" or the "Company") today announced that the Company's Board of Directors has approved the second quarterly cash dividend of 2012.

The cash dividend, in the amount of $0.0375 per share, will be distributed on or about Monday, June 11, 2012 to holders of record of common shares as of the close of business on Monday, May 28, 2012.  Specific distribution dates and amounts of future dividends will be determined by the Board of Directors (the "Board") on an ongoing basis.

The Company's dividends are designated as eligible dividends for the purposes of the Income Tax Act ( Canada).

On August 26, 2011, the Company announced that the Toronto Stock Exchange ("TSX") had accepted the Company's notice of its intention to make a normal course issuer bid (the "Program") to purchase up to 5,395,540 of its common shares, representing up to 5% of Pan American's issued and outstanding shares as of August 24, 2011.  The period of the share buy-back began on September 1, 2011 and can continue until August 31, 2012, or an earlier date should the Company complete its purchases.

During 2011, the Company re-purchased 3,582,200 shares, but did not make purchases under the Program during the period of time that was needed to complete the acquisition of Minefinders Corporation Ltd.

With this acquisition now complete, the Board has decided to restart the Program, as it feels the market price of the Company's common shares does not fully reflect the underlying value of its operations, properties and future growth prospects.  The Company believes that in these circumstances, the outstanding common shares represent an appealing investment for Pan American since a portion of the Company's excess cash can be invested for an attractive risk adjusted return on capital through this Program.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs