Methanex (MEOH) Raises Dividend; New 7.9M Share Buyback
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Methanex Corporation (NASDAQ: MEOH) announced that its Board of Directors has approved an 11 percent increase in its quarterly dividend to shareholders, from US$0.14 per share to US$0.155 per share. The increased dividend will apply commencing with the dividend payable on June 30, 2008 to holders of common shares of record on June 16, 2008.
In addition, Methanex's Board of Directors approved a new normal course issuer bid that will commence on the expiration of the Company's existing normal course issuer bid. Under the new bid, the Company may repurchase up to 7,909,393 common shares of the Company, representing 10 percent of the public float of the issued and outstanding shares as at May 2, 2008. Under the existing bid, which expires on May 16, 2008, the Company has purchased 8,422,100 shares as of May 2, 2008 at an average price of CDN$26.46 (US$25.97). [LJ]
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