Home / Knowledge / News / Fashion / Sears Canada to hold shareholders meeting on Dec 2

Sears Canada to hold shareholders meeting on Dec 2

26
Oct '05
Leading multi-channel retailer Sears Canada announced that a special meeting of shareholders would be held on Friday, December 2, 2005 in Toronto, Ontario. At the meeting, shareholders will be asked to consider and, if thought advisable, pass a special resolution authorizing the directors to effect a reduction of the Company's stated capital for the purpose of distributing to shareholders up to $470 million in connection with the previously announced sale of its credit and financial services business to JPMorgan Chase & Co.

On September 14, 2005, the Company announced its proposal to distribute approximately $2.0 billion to shareholders as an extraordinary cash dividend, subject to the completion of the sale and the arrangement of a satisfactory operating credit facility. The Company has applied to Canada Revenue Agency for an opinion to determine whether a portion of the sale proceeds, proposed to be distributed by way of a reduction of the Company's stated capital, would be treated as a tax-free return of capital and not as a dividend under the Income Tax Act (Canada).

Of the net after-tax proceeds to be realized from the sale, the Company proposes to distribute up to $470 million, by way of a reduction of stated capital and approximately $1.530 billion, by way of an extraordinary cash dividend. The proposed reduction of stated capital will be subject to certain conditions to be set out in the Management Proxy Circular to be mailed to shareholders shortly.

If the Company does not obtain a favourable opinion from Canada Revenue Agency, it intends to make the proposed distribution of approximately $2.0 billion by way of an extraordinary cash dividend.


Must ReadView All

Pic: Shutterstock

Textiles | On 1st Mar 2021

AfCFTA rules of origin talks to conclude in June: Egyptian

Talks are currently under way between member states of the African...

Pic: Fraser Group

Retail | On 1st Mar 2021

Frasers Group anticipates £100-mn hit from lockdown

Frasers Group recently said it could take a hit in excess of £100...

Pic: Shutterstock

Retail | On 1st Mar 2021

TJX Companies FY21 sales fall 4% to $32 bn

The TJX Companies, a US-based leading off-price apparel and home...

Interviews View All

Binoy Ravjani, Hero's Fashion

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Textile industry, Head honchos

Textile industry
Head honchos

Clothes are no more bound by gender

Divyesh Mashruwala, Akshar Industries

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Ken Butts,

Ken Butts

The mission of Swiss company Datacolor is to empower its customers to make ...

Yariv Bustan,

Yariv Bustan

Founded in Israel in 2015, Twine Solutions is a tech start-up that has...

Prakhar Singh,

Prakhar Singh

Morgan Tecnica offers the largest and most modern range of solutions for...

Silverio Baranzano, Fitesa

Silverio Baranzano
Fitesa

Fitesa is a leader in the nonwoven fabrics industry, specialising in...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Michaela Griggs & Peggy Schulz, Barco Uniforms

Michaela Griggs & Peggy Schulz
Barco Uniforms

Founded in 1929, Barco Uniforms started as an apparel company for beauty...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

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

Leave your Comments


February 2021

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


Advanced Search