West Fraser Timber has increased its quarterly dividend to US$0.30 per share on the common shares and Class B common shares in the capital of the company. The increased dividend is payable on July 8 to shareholders of record on June 22.
The company increased the quarterly dividend from the prior US$0.25 per share. West Fraser said in a statement that this was done in order to distribute a substantially similar amount of capital to investors through the dividend due to share count reduction resulting from execution of the current normal course issuer bid as well as completion of the recent substantial issuer bid.
“Providing a sustainable quarterly dividend remains a key priority within West Fraser’s capital allocation strategy, and we are pleased to increase our dividend this quarter and to have completed the recent actions we’ve taken to return capital to our shareholders,” said Ray Ferris, West Fraser’s president and CEO.
Dividends are designated to be eligible dividends pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends. Dividends are declared and payable in U.S. dollars. Shareholders may elect to receive their dividends in Canadian dollars.
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