Canadian digital media and marketing company, Yellow Pages, has announced its plan to distribute approximately 50 million Canadian dollars ($36.5 million) to shareholders through a share buyback. In addition, the company will make incremental cash contributions to its defined benefit pension plan.
Yellow Pages' board of directors has approved the repurchase of 4.4 million company shares from shareholders at a price of C$11.26 per share.
Pension Plan Contributions
The company will also make cash contributions of C$12 million towards its pension plan's wind-up deficit by the end of this year. This brings the total cash payments for the deficit in 2023 to C$18 million. The C$12 million infusion represents an advancement of $6 million in contributions originally planned for 2025 and 2026. These contributions were part of a deficit-cutting plan announced in May 2021 to increase the likelihood of fully funding the pension plan by 2030.
Shareholder Approval Needed
The proposed share buyback and pension plan contribution arrangement are subject to shareholder approval. A special meeting has been scheduled for November 30 to seek this approval.
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