Stock Name: CWL
Amount: CAD 0.015
Announcement Date: 01/05/2012
Record Date: 08/05/2012
Dividend Detail:
Board Declares Dividend of 1.5 Cents Per Share
TORONTO, May 1, 2012 /CNW/ - Retained executive search firm The Caldwell
Partners International Inc. (TSX: CWL) announced that at a meeting held
today, its shareholders approved a resolution to reduce the Stated
Capital of its Common Shares by 75%, adding approximately $12 million
to Contributed Surplus.�� Total Shareholders' Equity as at February 29,
2012 remains unchanged at approximately $9.7 million.
With this restatement of capital approved, the Board of Directors is
pleased to announce the payment of a dividend of 1.5 cents per Common
Share payable June 15, 2012 to shareholders of record on May 10, 2012.��
The company also indicated that it is intending to repurchase Common
shares on the Toronto Stock Exchange, pursuant to a Normal Course
Issuer Bid notice to be filed with the TSX.
"Throughout our strategic growth plan, we have been focussed on
increasing revenues and improving profitability, always with a view to
creating value for shareholders.�� With the restatement of capital
approved, we are now able to tangibly enhance that value through the
payment of a dividend which, based on today's market price, provides
our shareholders with an annualized return of approximately 9%." said
G. Edmund King, Chairman. "We would like to thank all shareholders who
exercised their franchise regarding this resolution.�� With 14,800,453
or 87% of all outstanding shares voted, we have now heard from the vast
majority of shareholders and their wishes regarding this very important
matter.�� An overwhelming 99.9% of shares represented voted in favour of
the restatement of capital.
Mr. King continued, "Our Board and management agree that the current
price at which Caldwell Partners' shares are trading on the Toronto
Stock Exchange does not adequately reflect the value of our company and
the outlook for our business.�� Under the right circumstances, we view
the potential to repurchase shares as being a good use of a portion of
the unencumbered cash that we have been maintaining to carry out our
strategic growth plans."
About Caldwell Partners
Caldwell Partners is one of North America's premier providers of
executive search and has been for over 40 years. As one of the region's
most trusted advisors in executive search, the firm has a sterling
reputation built on successful searches for boards, chief and senior
executives, and selected functional experts.
With offices in Vancouver, San Francisco, Los Angeles, Dallas, Calgary,
Atlanta, Toronto, Stamford, New York City, and a strategic presence in
London and Hong Kong, the firm takes pride in delivering an unmatched
level of service and expertise to its clients.
Caldwell Partners' Common shares are listed on The Toronto Stock
Exchange (TSX: CWL). Please visit our website at www.caldwellpartners.com for further information.
Forward-Looking Statements
Forward-looking statements in this document are based on current
expectations that are subject to significant risks and uncertainties.
Actual results might differ materially due to various factors such as
the competitive nature of the executive search industry, the ability of
the company to execute its growth strategies, the performance of the
Canadian domestic and international economies, and the company's
ability to retain key personnel. The Caldwell Partners assumes no
obligation to update the forward-looking statements, or to update the
reasons why actual results could differ from those reflected in the
forward-looking statements.
For further information:
Karen Richards, CA
Chief Financial Officer
The Caldwell Partners International
krichards@caldwellpartners.com
+1.416.934.2228
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