This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

QLT Announces Shareholder Approval Of US$200 Million Special Cash Distribution To Shareholders And Election Results

Stocks in this article: QLT QLTI

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.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs