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Methanex raises quarterly dividend by 25%
Apr '14
Methanex Corporation announced that its Board of Directors has approved a 25 percent increase in its quarterly dividend to shareholders, from US$0.20 per share to US$0.25 per share. The increased dividend will apply to the dividend payable on June 30, 2014 to holders of common shares of record on June 16, 2014.
John Floren, President and CEO of Methanex commented, "This is the tenth time that we have increased our dividend since its inception in 2002. The increase to our regular dividend reflects our continued confidence in the outlook for our business and the methanol industry."
The Company is also pleased to announce today that its Board of Directors has approved a Normal Course Issuer Bid ("NCIB"). The Company will purchase for cancellation up to 4,826,197 common shares ("Shares"), representing approximately 5% of the 96,523,956 shares issued and outstanding shares as at April 29, 2014.
John Floren, President and CEO of Methanex commented, "Our announcement of a new share repurchase program, along with the increase in the dividend, reflects our balanced approach to the utilization of cash and builds on our long track record of returning excess cash to shareholders.
Since 2000, we have repurchased approximately 45% of the Company's shares. With approximately $700 million of cash on hand at the end of the first quarter of 2014, we have the financial strength and flexibility to meet our commitments for our Geismar projects, pursue investment opportunities and continue to return excess cash to shareholders".
Purchases pursuant to the NCIB will be made on the open market through the facilities of NASDAQ pursuant to Rule 10b-18 under the U.S. Securities Exchange Act of 1934. Notification of the NCIB has been provided to NASDAQ.
Purchases under the program will commence on May 6, 2014. Purchases will be made from time to time at the then current market price of the Company's common shares as traded on NASDAQ and the common shares purchased will be cancelled.
Subject to certain exceptions for block purchases, daily repurchases under the program will not exceed 25 percent of the Company's average daily trading volume for the four week period preceding the date of purchase. The Company has entered into an automatic securities purchase plan with its broker in connection with purchases to be made under this program.
Methanex is a Vancouver-based, publicly traded company and is the world's largest producer and supplier of methanol to major international markets.


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