Corus Board OKs Discount For DRIP Shares
September 29, 2009 at 12:10 PM (PT)
The Board of Directors of CORUS ENTERTAINMENT INC. has approved a discount for Class B Shares issued from treasury pursuant to the terms of its Dividend Reinvestment Plan. Eligible holders of Class A Shares and Class B Shares can acquire additional Class B Shares through reinvestment of their current cash dividends. The Board has approved the issuance of shares from treasury at a 2% discount from the average market price, effective for any dividends payable on or after NOVEMBER 1, 2009, until the company elects otherwise.
The company also revised its fiscal year 2010 guidance and is now targeting consolidated segment profit of C$255 to C$270 million, which President/CEO JOHN CASSADAY termed "a reflection of our optimistic outlook for both the economy in which we will operate and the plans we have in place at CORUS." The company has added several national cable networks to its stable in the last two years, including HBO CANADA, COSMOTV, VIVA, and TELETOON RETRO, and is launching a Canadian version of NICKELODEON and a companion movie channel for its W channel, plus will rebrand the DRIVE-IN CLASSICS channel.