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Northern Frontier Corp announces update on Central Water Acquisition and amendments to dividend policy


Monday, 11 Aug 2014 03:31pm EDT 

Northern Frontier Corp:Says that it has agreed to acquire Central Water pursuant to the terms and conditions of a share purchase agreement dated May 20 between the Corporation and Darcy Tofin, Paris Tofin and certain affiliated entities.Says the share Purchase Agreement, as amended, provides for the acquisition by the Corporation of all of the issued and outstanding shares of Central Water in exchange for aggregate consideration of about $24.1 million.Consideration to be paid on the Closing Date will consist of a cash payment of about $20.1 million and the issuance of 1.86 million Units from treasury of the Corporation.Says it has amended its dividend policy.Commencing with the third quarter ended Sept. 30, the corporation intends to pay an annual aggregate cash dividend of $0.10 per common share, payable on a quarterly basis in arrears.Says the next quarterly dividend of $0.025 per common share is expected to be paid in Oct. 2014 to holders of record on Sept. 30. 

Company Quote

0.61
0.0 +0.00%
19 Dec 2014