MANKATO, MINNESOTA--(Marketwired - May 8, 2014) - Ridley Inc. (TSX:RCL) announced today a special cash dividend on its common stock of CAD $2.00 per share payable on May 30, 2014 to shareholders of record on May 20, 2014. Applicable Canadian withholding tax will be applied to dividends payable to non-residents of Canada. The Company intends to designate 100% of the special dividend as "eligible dividends" for purposes of the Income Tax Act (Canada). The ex-dividend date for shareholders trading on The Toronto Stock Exchange is May 15, 2014.
The Board of Directors of Ridley determined the special dividend of approximately CAD $25.6 million to be in the interests of shareholders as the company continues to generate consistent cash flows. Ridley has established a strong balance sheet; the company's capital structure remains conservatively leveraged with funding capacity for future growth. The special dividend announced today is not indicative of any intention at the present time to initiate a regular dividend payment to shareholders.
Ridley Inc., headquartered in Mankato, Minnesota, is one of North America's leading commercial animal nutrition companies. Ridley employs more than 700 people in the manufacture, sales and marketing of a full range of animal nutrition products under highly regarded trade names. Ridley's common shares are listed on The Toronto Stock Exchange (trading symbol: RCL). Additional information, including the notes to the interim financial statements and Ridley's Annual Information Form (AIF), are available at www.sedar.com. Visit our website at www.ridleyinc.com.