SASKATOON – CAMECO CORP. has decided to make a three-for-one stock split of the company’s outstanding common shares. All shareholders will receive two additional shares for each share owned on the record date of Dec. 31, 2004. A dividend of $0.15/common share (on a pre-split basis) will be paid on Jan. 14, 2005, to shareholders of record at the end of this year.
Cameco has consistently paid dividends since it began trading in 1991. In addition to the dividends announced above, the company will increase the annual cash dividend from $0.60/share to $0.72/share beginning in 2005, to be paid quarterly. This represents a 20% increase in the company’s cash dividend.
Shareholders who have Cameco stock certificates should retain them. The transfer agent, CIBC MELLON TRUST CO., will mail new certificates on Jan. 6, 2005. Upon completion of the stock split, the number of shares outstanding will total approximately 173 million. Cameco’s common shares are expected to begin trading on a split basis on Dec. 29, 2004, on the Toronto Stock Exchange and Jan. 7, 2005, on the New York Stock Exchange. The stock split will have no unfavourable tax consequences in Canada or the United States, says Cameco.
Cameco shares were trading on the TSE at about Cdn$115 at noon on Wednesday, and US$93 on the NYSE.