Andrew Peller Limited to Implement 3-For-1 Share Split and Dividend Reinvestment Plan
Andrew Peller Limited to Implement 3-For-1 Share Split and Dividend Reinvestment Plan
GRIMSBY, ONTARIO--(Marketwired - Aug 2, 2016) - The Board of Directors of Andrew Peller Limited (TSX:ADW.A)(TSX:ADW.B) (the "Company") announced today that it has approved, and will recommend shareholders approve at the Company's Annual and Special Meeting on September 9, 2016, a three-for-one share split for both the Company's Class A and Class B common shares. The proposed stock split will not result in taxable income or in any gain or loss for current shareholders. The Company previously split its common shares on a three-for-one basis on October 26, 2006 when the price of Class A and Class B shares were $33.90 and $34.25, respectively.
The Board of Directors also announced today has approved the implementation of a Dividend Reinvestment Plan (DRIP) for Class A shares effective on September 9, 2016. Under the DRIP, registered Class A shareholders can elect to have 100% of their dividends reinvested to purchase additional Class A common shares. The Board of Directors believes the DRIP provides Class A shareholders with a cost-effective method to increase their investment in the Company. Full details of the DRIP can be found on the Company's web site at www.andrewpeller.com.
"We believe the proposed share split and the resulting increase in the number of shares outstanding will enhance shareholder liquidity, increase investor interest in the Company, and bring the trading price into a more accessible range for all investors," commented John Peller, President and Chief Executive Officer. "We are also pleased to be offering a DRIP for our Class A shareholders, an initiative our investors have been requesting for some time."
About Andrew Peller Limited
Andrew Peller Limited is a leading producer and marketer of quality wines in Canada. With wineries in British Columbia, Ontario, and Nova Scotia, the Company markets wines produced from grapes grown in Ontario's Niagara Peninsula, British Columbia's Okanagan and Similkameen Valleys, and from vineyards around the world. With a focus on serving the needs of all wine consumers, the Company also produces and markets premium personal winemaking products through its wholly-owned subsidiary, Global Vintners Inc., the recognized leader in personal winemaking products. Global Vintners distributes products through over 170 Winexpert authorized retailers and more than 600 independent retailers across Canada, the United States, the United Kingdom, New Zealand, Australia, and China. Global Vintners award-winning premium and ultra-premium winemaking brands include Selection, Vintners Reserve, Island Mist, KenRidge, Cheeky Monkey, Ultimate Estate Reserve, Traditional Vintage, and Cellar Craft. More information about the Company can be found at www.andrewpeller.com.
Andrew Peller Limited common shares trade on the Toronto Stock Exchange (symbols ADW.A and ADW.B).
Andrew Peller Limited
Mr. John Peller
President and Chief Executive Officer
(905) 643-3694
[email protected]
www.andrewpeller.com
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