VICTORIA, B.C. -- Vecima Networks Inc. (TSX:VCM) ("Vecima" or "the Company"), a leading designer and manufacturer in the broadband cable and wireless network infrastructure market, announces that shareholders today authorized the Company to reduce the stated capital of its common shares by $1.00 per share. Therefore, the Board of Directors today authorized a special cash distribution, by way of a return of capital, of $1.00 per share on the Company's outstanding common shares. The special distribution is payable on March 27, 2013 to shareholders of record at the close of business on March 21, 2013.
The aggregate amount of the special distribution is expected to be approximately $22.3 million. Vecima's pro forma working capital, after the distribution of $22.3 million, is projected to be approximately $59.0 million. Vecima believes that its available financial resources following payment of the special distribution will be sufficient to fund Vecima's current capital requirements.
Currently we allow the following HTML tags in comments:
These tags can be used alone and don't need an ending tag.
<br> Defines a single line break
<hr> Defines a horizontal line
These require an ending tag - e.g. <i>italic text</i>
<a> Defines an anchor
<b> Defines bold text
<big> Defines big text
<blockquote> Defines a long quotation
<caption> Defines a table caption
<cite> Defines a citation
<code> Defines computer code text
<em> Defines emphasized text
<fieldset> Defines a border around elements in a form
<h1> This is heading 1
<h2> This is heading 2
<h3> This is heading 3
<h4> This is heading 4
<h5> This is heading 5
<h6> This is heading 6
<i> Defines italic text
<p> Defines a paragraph
<pre> Defines preformatted text
<q> Defines a short quotation
<samp> Defines sample computer code text
<small> Defines small text
<span> Defines a section in a document
<s> Defines strikethrough text
<strike> Defines strikethrough text
<strong> Defines strong text
<sub> Defines subscripted text
<sup> Defines superscripted text
<u> Defines underlined text
Network Computing encourages readers to engage
in spirited, healthy debate, including taking us to task.
However, Network Computing moderates all comments posted to our site,
and reserves the right to modify or remove any content that it determines to be derogatory,
offensive, inflammatory, vulgar, irrelevant/off-topic, racist or obvious marketing/SPAM.
Network Computing further reserves the right to disable the profile of any commenter participating
in said activities.