By: E&P Staff Hollinger International Inc. today declared a second special dividend from the proceedings of the sale of The Daily Telegraph of London. Hollinger's board said it would pay out approximately $273 million to shareholders as the second tranche of its distribution of $500 million in net proceeds from the sale.
Hollinger also announced that Gordon A. Paris, who had been leading the company on an interim basis, was elected chairman, CEO, and president. Hollinger is the publisher of the Chicago Sun-Times and other Chicago-area papers as well as several Canadian newspapers.
When Hollinger declared its first special dividend of $227 million from the sale of the Telegraph and related British publications, it said it might use the remaining money from the $500 million to buy back its stock. But in a statement, Paris said "the delays in our 2004 financial filings, which are required for a self-tender, would have resulted in an unacceptable delay in the distribution of the second tranche. We believe that we owe it to our investors to complete the distribution in an expeditious manner."
The second special dividend is payable March 1 for shareholders of record on February 14, 2005.
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