SFK shares sink as dollar soars
November 23, 2004 By Pulp & Paper Canada
Shares of SFK Pulp Fund fell as much as 13% after the company cut its monthly payout due to the escalating Canadian…
Shares of SFK Pulp Fund fell as much as 13% after the company cut its monthly payout due to the escalating Canadian dollar. Trading on the Toronto Stock Exchange, shares fell 77 cents to $6.90 on November 19th, the biggest decline in 18 months.
Investors will get a cash distribution of 6.5 cents per unit for November, which includes 3.25 cents from a postponed distribution in October, the company confirmed. SFK paid 7.5 cents per unit in August and September.
The reduction is a direct consequence of the strengthening of the Canadian dollar against its U.S. counterpart,” the company’s president and CEO, Andre Bernier said.
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