VANCOUVER, British Columbia, June 27, 2013 (GLOBE NEWSWIRE) -- QLT Inc. (Nasdaq:QLTI) (TSX:QLT) (" QLT" or the " Company") is pleased to announce that the Company has completed today the previously announced special cash distribution (the " 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"), received a special cash distribution payment of US$3.915283 per Share (the " Distribution Payment"). The Distribution Payment per Share was determined based on the number of issued and outstanding Shares of the Company as of the Record Date. As previously announced, the Distribution Payments to shareholders were made without Canadian withholding taxes of up to 25% being payable, pursuant to an Advance Tax Ruling received from Canadian tax authorities.
"Acting in the best interests of our shareholders, your Board is very pleased to complete this unprecedented return of $200 million by way of such an exceptionally tax-efficient capital reduction," said Mr. Jason M. Aryeh, Chairman of the Board.
The Distribution Payments were processed through the Company's disbursing agent, Computershare Investor Services Inc. As previously announced, in accordance with the applicable rules of the Toronto Stock Exchange and NASDAQ rules, "due bill" trading procedures were applied in connection with the Cash Distribution in the period from June 20, 2013 to June 27, 2013. The Shares will commence trading on an "ex-distribution" basis on June 28, 2013.About QLT QLT is a biotechnology company dedicated to the development and commercialization of innovative ocular products that address the unmet medical needs of patients and clinicians worldwide. We are focused on developing our synthetic retinoid program for the treatment of certain inherited retinal diseases.
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