VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 10, 2013) - The Board of Directors of West Fraser Timber Co. Ltd. (TSX:WFT) has declared a quarterly dividend of $0.14 per share on the Common shares and Class B Common shares in the capital of the Company, payable on January 13, 2014 to shareholders of record on December 23, 2013.
The Board of Directors of West Fraser has also declared a stock dividend of one Common share per each issued and outstanding Common share and Class B Common share in the capital of the Company, which has the same effect as a two for one stock split. The stock dividend is payable on January 13, 2014 to shareholders of record on December 31, 2013. Registered shareholders will be mailed share certificates representing the stock dividend starting January 13, 2014, and non-registered shareholders' brokerage accounts will be credited for the additional shares representing the stock dividend on or about January 13, 2014.
The aggregate cash dividend payable to West Fraser shareholders will not be affected by the stock dividend. The cash dividend is payable on the number of Common shares and Class B Common shares of West Fraser that are issued and outstanding on the record date and as such will not be payable on any Common shares issued pursuant to the stock dividend.
Cash 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.
West Fraser is an integrated wood products company producing lumber, wood chips, LVL, MDF, plywood, pulp and newsprint. The Company has operations in western Canada and the southern United States.
West Fraser shares trade on the Toronto Stock Exchange under the symbol: "WFT".