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Le Château declares special dividend of $0.25 per share
06 Jun '08
5 min read
The bid will commence on June 19, 2008 and may continue to June 18, 2009. The average daily trading volume for the 6-month period preceding June 1, 2008 is 27,359 shares. In accordance with TSX requirements, a maximum daily repurchase of 25% of this average may be made, representing 6,839 shares.
The shares will be purchased on behalf of the Company by a registered broker through the facilities of the Toronto Stock Exchange. The price paid for the shares will be the market price at the time of acquisition, and the number of shares purchased and the timing of any such purchases will be determined by the Company.
All shares purchased by the Company will be cancelled. The Company currently has 18,502,964 Class A subordinate voting shares outstanding. During the past 12 months, no shares were purchased by the Company.
The directors of the Company have concluded that purchases of up to 925,148 of the issued and outstanding Class A subordinate voting shares are an appropriate and desirable use of the Company's available funds and, therefore, would be in the best interests of the Company.
As a result of such purchases, the number of issued shares will be decreased and, consequently, the proportionate share interest of all remaining shareholders will be increased on a pro rata basis.
The Company's annual general meeting is scheduled for June 19, 2008 at its head office located at 8300 Decarie Boulevard. The record date for this meeting is May 15, 2008.
On January 27, 2008, the Company adopted the recommendations of the following Section of the Canadian Institute of Chartered Accountants ("CICA") Handbook:
Section 3031, Inventory, was developed based on International Financial Reporting Standards ("IFRS"). The standard was revised to provide more extensive guidance than Section 3030, to facilitate the CICA's move towards IFRS, and to reduce the number of alternatives for the measurement of inventories.
Section 3031 requires inventories to be measured at the lower of cost and net realizable value. The Company previously valued its inventory at the lower of average cost and net realizable value less a normal profit margin, using the retail inventory method.
The Company has adopted this new standard retrospectively, with restatement of prior period amounts. The initial impact of measuring the inventories under the new standard is an increase to the carrying amount of opening inventories as at January 27, 2008 of $2.9 million ($4.4 million as at January 28, 2007).
Opening retained earnings as at January 27, 2008 has been increased by $2.0 million, equal to the change in opening inventories net of tax of $927,000. For the previous year, opening retained earnings as at January 28, 2007 has been increased by $3.0 million, equal to the change in opening inventories net of tax of $1.4 million.
The adoption of the new standard resulted in a reduction of net earnings for the first quarter ended April 26, 2008 of $442,000 or $0.01 per share. The carrying amount of inventories as at April 26, 2008 increased by $2.2 million to $49.9 million.
As a result of the restatement, net earnings for the first quarter ended April 28, 2007 decreased by $402,000 or $0.01 per share. The carrying amount of inventories as at April 28, 2007 increased by $3.8 million to $50.1 million.
The shares will be purchased on behalf of the Company by a registered broker through the facilities of the Toronto Stock Exchange. The price paid for the shares will be the market price at the time of acquisition, and the number of shares purchased and the timing of any such purchases will be determined by the Company.
All shares purchased by the Company will be cancelled. The Company currently has 18,502,964 Class A subordinate voting shares outstanding. During the past 12 months, no shares were purchased by the Company.
The directors of the Company have concluded that purchases of up to 925,148 of the issued and outstanding Class A subordinate voting shares are an appropriate and desirable use of the Company's available funds and, therefore, would be in the best interests of the Company.
As a result of such purchases, the number of issued shares will be decreased and, consequently, the proportionate share interest of all remaining shareholders will be increased on a pro rata basis.
The Company's annual general meeting is scheduled for June 19, 2008 at its head office located at 8300 Decarie Boulevard. The record date for this meeting is May 15, 2008.
On January 27, 2008, the Company adopted the recommendations of the following Section of the Canadian Institute of Chartered Accountants ("CICA") Handbook:
Section 3031, Inventory, was developed based on International Financial Reporting Standards ("IFRS"). The standard was revised to provide more extensive guidance than Section 3030, to facilitate the CICA's move towards IFRS, and to reduce the number of alternatives for the measurement of inventories.
Section 3031 requires inventories to be measured at the lower of cost and net realizable value. The Company previously valued its inventory at the lower of average cost and net realizable value less a normal profit margin, using the retail inventory method.
The Company has adopted this new standard retrospectively, with restatement of prior period amounts. The initial impact of measuring the inventories under the new standard is an increase to the carrying amount of opening inventories as at January 27, 2008 of $2.9 million ($4.4 million as at January 28, 2007).
Opening retained earnings as at January 27, 2008 has been increased by $2.0 million, equal to the change in opening inventories net of tax of $927,000. For the previous year, opening retained earnings as at January 28, 2007 has been increased by $3.0 million, equal to the change in opening inventories net of tax of $1.4 million.
The adoption of the new standard resulted in a reduction of net earnings for the first quarter ended April 26, 2008 of $442,000 or $0.01 per share. The carrying amount of inventories as at April 26, 2008 increased by $2.2 million to $49.9 million.
As a result of the restatement, net earnings for the first quarter ended April 28, 2007 decreased by $402,000 or $0.01 per share. The carrying amount of inventories as at April 28, 2007 increased by $3.8 million to $50.1 million.
Le Château Inc
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