Allstream Inc. Declares Special Dividend
10 12월 2003 - 5:17AM
PR Newswire (US)
Allstream Inc. Declares Special Dividend TORONTO, Dec. 9
/PRNewswire-FirstCall/ -- Allstream Inc. (TSX: ALR.A, ALR.B;
NASDAQ: ALLSA, ALLSB), a leading communication solutions provider
with a world-class portfolio of Connectivity, Infrastructure
Management and IT Services, today announced that its Board of
Directors has declared a special dividend of $3.50 Canadian per
share on the issued and outstanding Class A Voting Shares and Class
B Limited Voting Shares. This special dividend is payable on
January 6, 2004 to holders of record at the close of business on
December 19, 2003. "This decision demonstrates the strength of our
liquidity position and the confidence in our business," said John
McLennan, Vice Chairman and Chief Executive Officer, Allstream. "We
have generated strong cash flow since we emerged from restructuring
in April, and we want our shareholders to participate in that
success. We are confident we have the appropriate resources to
operate our business and take advantage of new opportunities."
"Allstream will continue to have strong liquidity and the
appropriate financial flexibility after this C$70 million special
dividend payment," said David Lazzarato, Executive Vice President
and Chief Financial Officer, Allstream. "We believe this special
dividend is the best way to provide a meaningful cash return to all
our shareholders, while at the same time, preserving sufficient
liquidity to enable the Company to maintain operating flexibility
and customer confidence." About Allstream Allstream is a leading
communication solutions provider with a world- class portfolio of
Connectivity, Infrastructure Management and IT Services. Allstream
collaborates with customers to create tailored business solutions
that meet their unique needs and help them compete more
effectively. Spanning more than 18,800 kilometres, Allstream has an
extensive broadband fibre-optic network and the greatest reach of
any competitive carrier in Canada, and provides international
connections through strategic partnerships and interconnection
agreements with other international service providers. Allstream
has approximately 4,000 employees and is a public company with its
stock traded on the Toronto Stock Exchange under the symbols ALR.A
and ALR.B, and on the NASDAQ National Market System under the
symbols ALLSA and ALLSB. Visit Allstream's website,
http://www.allstream.com/ for more information about the company.
Note to Investors This news release includes statements about
expected future events and/or financial results that are
forward-looking in nature and subject to risks and uncertainties.
For those statements, we claim the protection of the safe harbor
for forward-looking statements provisions contained in the United
States Private Securities Litigation Reform Act of 1995. The
Company cautions that actual performance will be affected by a
number of factors, many of which are beyond the Company's control,
and that future events and results may vary substantially from what
the Company currently foresees. Discussion of the various factors
that may affect future results is contained on page 1 of the
Company's Annual Information Form dated May 2, 2003, which is filed
with the Securities and Exchange Commission, the Ontario Securities
Commission, and SEDAR. DATASOURCE: Allstream Inc. CONTACT: Media:
May Chong, (416) 345-2342, ; Investors and Analysts: Brock
Robertson, (416) 345-3125, ; Dan Coombes, (416) 345-2326,
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