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Gold/Mining/Energy : Inco-Voisey Bay Nickel [ T.N.V]
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To: Winer who wrote (164)2/11/1998 4:35:00 PM
From: Terry J. Crebs  Read Replies (2) of 1615
 
Feb-11 --INCO announced cost and dividend cuts (i.e. $165 million (US) annual savings thru 1175-person layoff (16% cut in Ontario and 10% cut in Manitoba) and common-share dividend reduction from $0.10 to $0.025 (and $0.02 for VBN shares).

The announcement did have some unexpected/silly quotes, like:

"Scott M. Hand, INCO's President, indicated that: We are making changes to our business consistent with our strategy of running our operations to optimize rates of return for our shareholders."

Sheesh, makes me wonder if the esteemed President understands that a shareholder's rate of return is also dependent on dividend payments.

Very sad times for INCO shareholders and employees--hopefully management will be changed too (e.g., officer's 1997 annual incentive plans have been eliminated).
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