QLT Announces Shareholder Approval Of US$200 Million Special Cash Distribution To Shareholders And Election Results
VANCOUVER, British Columbia, June 14, 2013 (GLOBE NEWSWIRE) -- QLT Inc. (Nasdaq:QLTI) (TSX:QLT) (" QLT" or the " Company") is pleased to announce that at the annual general and special meeting (the " Meeting") held today, QLT's shareholders approved a special cash distribution in the amount of US$200 million, by way of a reduction of the capital of the Company's common shares (the " Shares"). As a result, QLT's shareholders as of June 24, 2013, the record date for the distribution (the " Record Date"), will receive a special cash distribution payment of approximately US$3.92 per Share (the " Distribution Payment") based upon the current number of issued and outstanding Shares of the Company. The final amount of the Distribution Payment per Share will be determined based upon the number of issued and outstanding Shares on the Record Date, and will be payable on June 27, 2013. As previously announced, the Company will be able to make the Distribution Payment to shareholders without Canadian withholding taxes of up to 25% being payable, pursuant to an Advance Tax Ruling received from Canadian tax authorities.
In accordance with the applicable rules of the Toronto Stock Exchange and NASDAQ rules, "due bill" trading procedures will be applied in connection with the Distribution Payment. Pursuant to these procedures, the Shares will trade on a "due bill" basis in the period from June 20, 2013 to and including the payment date of June 27, 2013 (the " Due Bill Period"). Sellers of Shares during the Due Bill Period will not be entitled to the Distribution Payment. Holders of Shares, including purchasers of Shares, on June 27, 2013, will be entitled to receive the Distribution Payment. The Shares will commence trading on an "ex-distribution" basis on June 28, 2013, as of which date purchases of Shares will no longer have an attaching right to the Distribution Payment. The "due bills" will be redeemed once all trades with attached "due bills" entered during the Due Bill Period have settled, which will occur at the end of the business day on July 2, 2013.
The Distribution Payment to shareholders, together with the return of approximately $27 million pursuant to the Company's normal course issuer bid completed earlier this year, will result in a total return of capital to QLT's shareholders in less than 12 months of an aggregate of approximately $227 million.
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