QLT plans $200M tax-free cash distribution

QLT says it plans to distribute $200M to shareholders in June, subject to stockholder vote

Associated Press

NEW YORK (AP) -- Canadian drug maker QLT Inc. said Monday it plans to distribute $200 million in cash to its shareholders.

Shareholders will vote on the proposed distribution at the company's annual meeting in June. If it is approved, QLT said it plans to make the distribution around June 24. Based on the company's current share count, shareholders would get about $3.95 in cash for each share they own.

The distribution would be free of Canadian withholding taxes.

Vancouver, British Columbia-based QLT said it also recently bought back $27 million in stock.

The company's U.S.-traded shares picked up 23 cents, or 2.8 percent, to $8.57 in midday trading.

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