Home / Knowledge / News / Textiles / Methanex raises quarterly dividend by 25%
Methanex raises quarterly dividend by 25%
30
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.
 

Methanex

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search