Mosaic declares special cash dividend of $1.30 per share
Oct. 26, 2009
PLYMOUTH, Minn. -- The Mosaic Company announced today plans to return approximately $580 million to stockholders, or $1.30 per share, through a special cash dividend. The dividend will be financed through cash on hand.
"The decision by Mosaic's Board of Directors to return a significant amount of cash to its shareholders is a reflection of our strong cash position and the confidence we have in our future business prospects and cash flows," said Jim Prokopanko, president and CEO of Mosaic. "Mosaic's strong balance sheet, which includes a cash position of $2.6 billion at Aug. 31, 2009, provides us the financial flexibility to make this distribution, while at the same time continuing our capital spending program and maintaining an appropriate level of liquidity and financial flexibility."
The Company noted it is reaffirming its guidance for fiscal year 2010 capital spending of $1.0 -1.2 billion. "We remain committed to executing our long-term strategic plans that we expect will drive additional strong cash flow and shareholder value. We also remain committed to maintaining strong credit metrics and an investment grade rating," Prokopanko added.
The special dividend will be paid on Dec. 3, 2009 to stockholders of record as of the close of business on Nov. 12, 2009.
The Mosaic Company is one of the world's leading producers and marketers of concentrated phosphate and potash crop nutrients. Mosaic is a single source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry.
SOURCE: The Mosaic Company via PR Newswire.
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