Stelco redeems all Pref B's and 50% of C's, about $100mm, also market purchase of 5% of common.
Attention Business Editors:
STELCO INC. - PREFERRED SHARE REDEMPTION
HAMILTON, Ont., Feb. 2 /CNW/ - Stelco Inc. announced today that it has
exercised its right to redeem all of its issued and outstanding Series B
Preferred Shares and 2,703,314 (being 50%) of its issued and outstanding
Series C Preferred Shares. The Company also announced a dividend of $0.485 per
share of both series for the period February 1, 1998, to April 30, 1998,
inclusive. The dividend will be payable to holders of Series B Preferred
Shares as at April 17, 1998, and to holders of Series C Preferred Shares as at
April 1, 1998.
The redemption date will be May 1, 1998, and the redemption price paid
will be $25 per share. The quarter's dividend of $0.485 per share on both
series will be paid concurrently with the redemption with respect to those
shares being redeemed. Dividends on shares not being redeemed will be paid in
the ordinary course on May 1, 1998.
In accordance with their share provisions, the Series C Preferred Shares
to be redeemed will be determined by lot by the Company's transfer agent, CIBC
Mellon Trust Company. The effect of this method of redemption, which is the
method stipulated in the Articles of the Company, will result in some holders
having more Series C Preferred Shares redeemed than others.
A notice of redemption will soon be mailed to all registered holders of
Series B Preferred Shares and to those holders of Series C Preferred Shares
chosen for redemption. To receive payment, holders of preferred shares subject
to redemption must present their certificates representing their preferred
shares to CIBC Mellon Trust Company at 393 University Avenue, 5th Floor,
Toronto, Ontario, M5G 2M7 on or after May 1, 1998.
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Stelco Inc. and its affiliates are a group of market-driven,
technologically advanced businesses that are committed to maintaining
leadership roles as suppliers of high-quality steel products. These businesses
are dedicated to meeting the requirements of their customers as well as
collectively providing an appropriate return for Stelco shareholders. Stelco
has a presence in six Canadian provinces and three states of the United
States. Consolidated sales in 1996 were $2.9 billion.
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For further information: Eric Rogan, Executive Vice President and Chief Financial Officer, Telephone: (905)
528-2511, extension 4376; Web Site: www.stelco.com
STELCO INC. has 30 releases in this database.
Attention Business Editors:
STELCO INC. NOTICE OF INTENTION TO PURCHASE SHARES
HAMILTON, Ont., Feb. 2 /CNW/ - Stelco Inc. announced today that it
intends to seek regulatory approval to enable it to purchase up to 5,364,975
of its Common Shares, representing 5 per cent of the 107,299,492 Common Shares
outstanding as of January 31, 1998, pursuant to a normal course issuer bid.
Purchases may only commence upon the receipt of all required regulatory
approvals and will terminate one year from such date, or on such earlier date
as Stelco may complete its purchases pursuant to the notices of intention to
make a normal course issuer bid filed with the Toronto and Montreal stock
exchanges. Purchases will be made on the open market by Stelco through the
facilities of such stock exchanges in accordance with their rules and by-laws.
The price which Stelco will pay for any such shares will be the market price
of such shares at the time of acquisition.
Stelco believes that the market price of its Common Shares at certain
times may be attractive and that the purchase of Common Shares from time to
time would accordingly be an appropriate use of corporate funds in light of
potential benefits to remaining shareholders.
++++++++++++++++++++++++++++++++++++++++
Stelco Inc. and its affiliates are a group of market-driven,
technologically advanced businesses that are committed to maintaining
leadership roles as suppliers of high-quality steel products. These businesses
are dedicated to meeting the requirements of their customers as well as
collectively providing an appropriate return for Stelco shareholders. Stelco
has a presence in six Canadian provinces and three states of the United
States. Consolidated sales in 1996 were $2.9 billion.
-30-
For further information: Eric Rogan, Executive Vice President and Chief Financial Officer, Telephone: (905)
528-2511, extension 4376; Web Site: www.stelco.com
STELCO INC. has 30 releases in this database.
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